Should I remortgage?

Sqnals

I had a previous mortgage on another property where I let the fixed rate end and I ended up paying less when it lapsed onto the banks variable rate?

My fixed rate finishes at the end of January, I have a mortgage with halifax on a house now which is for 23 years and 1 month with interest of 1.88%. So the interest rates are at a historical low, does anyone know how I can check the banks variable rate without going through the online option for remortgaging? Or am I making a big mistake. 

K_S

@sqnals You can see the current SVR (3.59%) at the bottom of the page here. https://www.halifax-intermediaries.co.uk/default.aspx Please note that this may be different for the specific product you are on, but will almost certainly be well in excess of 1.88%. 

So yes, if you let it lapse on to SVR and stay there, you will most likely end up spending a lot more on interest.

The most hassle free option you have now is to opt for a product switch - staying with Halifax and switching to a new product. There's no underwriting, income assessment, etc.

To review your options for the best remortgage rate available to you in the market, you could either contact a broker or do your own research. 

Do keep in mind that if you go for a remortgage, it will require you to apply, get an offer and do conveyancing, all of which will most likely take longer than 31 Jan to complete, thus putting you on Halifax SVR for a while and negating some of the savings by going down that route.