Should we change mortgage rate now or wait?

overload99

We have been offered a mortgage rate which is 0.8% better than our existing rate but we've been told that we have to accept it by tomorrow if we want it to be active from 1st October. Otherwise we'll have to wait until 1st November for it to be active. Should we go for it or wait to see if the rate improves further?

I guess the main question is, do people think that mortgage rates are going to go up or down over the next month or two?

Thank you!!!

libf

General wisdom is that the rates will go up 'soon'. However Nationwide at least have reduced some rates recently on certain products.

What rate could you get with another lender if you re-mortgaged? Are you happy to fix for the length you've been offered? Much more to consider than has been posted about.

overload99

It's a flexible mortgage (variable) for the term of the product. We like the flexibility it offers. We can now change from 2.59% to 1.79% although last week they were offering 1.69%! So I'm wondering if it will go down again!?

libf

ruthieb77 wrote: »

It's a flexible mortgage (variable) for the term of the product. We like the flexibility it offers. We can now change from 2.59% to 1.79% although last week they were offering 1.69%! So I'm wondering if it will go down again!?

Your guess is as good as anyone elses.