remortgage logic ... get a long term fix now?

Bean_69_99

Hi All,


Having a bit of a senior moment in my 20's and looking for some confirmation / open discussion regarding my remortgage.


I am 5.5 years into my mortgage and estimate to have a current LTV of around 58%. My current deal ended last November but due to personal circumstances / relationships / expected salary changes I held of from switching.


I have no penalties (just £30 admin fee) to leave my current deal. I am happy with my current lende (co-op bank) since overpayments are allowed and the mortgage is portable.


My current situation is I have cash in the bank to renovate the house, expecting to raise the value from 115'000 to around 140'000. This should happen over the next year.


WIth this in mind I can either, get a non portable 2 year mortgage at the best rate elsewhere, or stay with co-op and fix for 5 years while I still fit under their 60% LTV. I will need additional borrowing when I move, but my current logic is, there's no point getting a short fix, as when I move I will be liable to be hit by higher rates in 1-2 years time?


So, I'm thinking I will always have atleast this debt in place if I stay or move, so makes sense to fix, but to a portable mortgage to capture the lowest rate while I can... rather than get an even lower rate, but only for two years..


Thoughts~??