Should I look for a new mortgage now?

Leaveyfreya

I’ve a year left on my fixed rate mortgage and was wondering whether to look to change now just in case interest rates Sky rocket soon.

What’s everyone’s thought please.

ACG

In the last 24-48 hours, I have had 2 emails from lenders reducing rates. 

There are no guarantees obviously, but it is not the case that every lender is increasing rates. 

LibTechJK

Really?  Reducing rates?  That's interesting.  I need to start following this with my provider.

I'm like the OP. I was about to open my own thread on this.  It's 9 months until I can re-fix my mortgage. I've been on a 5-year fixed rate and can only see interest rates going up. I'm mulling over the idea of trying to fix it now and incurring the early repayment charge in exchange for peace of mind and fixing my bills for the long-term.  I'm a single dad trying to plan for our future. But the guy at First Direct seemed surprised I'd consider incurring the ERC.  Am I panicking?  I still owe quite a lot.  A 1% increase in my rate equates to about £125pm I think.

Snookie12cat

LibTechJK said:

Really?  Reducing rates?  That's interesting.  I need to start following this with my provider.

I'm like the OP. I was about to open my own thread on this.  It's 9 months until I can re-fix my mortgage. I've been on a 5-year fixed rate and can only see interest rates going up. I'm mulling over the idea of trying to fix it now and incurring the early repayment charge in exchange for peace of mind and fixing my bills for the long-term.  I'm a single dad trying to plan for our future. But the guy at First Direct seemed surprised I'd consider incurring the ERC.  Am I panicking?  I still owe quite a lot.  A 1% increase in my rate equates to about £125pm I think.

It really depends, if you are spending £2k to leave the deal early, in most cases this could negate any saving and rates might not go up that high. 
As above said, some rates are coming down.. No one can predict the future. 

getmore4less

LibTechJK said:

Really?  Reducing rates?  That's interesting.  I need to start following this with my provider.

I'm like the OP. I was about to open my own thread on this.  It's 9 months until I can re-fix my mortgage. I've been on a 5-year fixed rate and can only see interest rates going up. I'm mulling over the idea of trying to fix it now and incurring the early repayment charge in exchange for peace of mind and fixing my bills for the long-term.  I'm a single dad trying to plan for our future. But the guy at First Direct seemed surprised I'd consider incurring the ERC.  Am I panicking?  I still owe quite a lot.  A 1% increase in my rate equates to about £125pm I think.

Whats the ERC.
What's your rate

Many should have looked at changing when rates started going up around October.

Many getting close to the 1% ERC should have been doing ditch the fix calculations.

Anyone that was a rates can only go up person even more reason to be constantly checking for break even options.