My mortgage/interest rates

Jayjay08

Do we have any financial people on here that could give me a bit advice?
My fixed rate is up on my mortgage, my mortgage is fairly small. After my fixed rate coming to an end. Iv paid the SVR at 4.99% for the last 2 months which has cost me £40 a month more than the price I could get for a new fixed rate.
I seen on the news this morning that the Bank of England are going to cut the interest rate. So my question is would it be worthwhile me waiting until they cut it before taking out a new fixed rate?? Would the saving on a £300 a month mortgage be worth waiting for bearing in mind Iv already paid £80 more over the last 2 months than I should have.

Any help appreciated.

lee111s

Even though the base rate may go down, there's not much further that fixes can fall.

If you're worries and want stability, fix as som as you can.

SavingSteve

I would suggest taking out a lifetime variable, something like Coventry BS's 1.75%. It 'should' move in line with the BoE rates. On a small mortgage there is no point flipping from one fixed to another and paying fees every two years.

Jayjay08

Thanks for the replies

I'm not looking to switch to another lender, I'm just wondering if it's worthwhile waiting to see if the price of my fixed rate would go down much in comparison with what Iv been offered just now.

lee111s

It probably won't. If they price their offering now is good, then take it.

Thrugelmir

If you are currently paying 4.99%. Then you should switch product asap. As you'll make a sizable saving immediately. When can be used to repay your mortgage even quicker. Thereby reducing the amount of interest you'll pay even further.

SavingSteve

then yes, wait