Mortgage switch

Gopher123

Hello, 

Hoping for a bit of advice and guidance (also a little bit of your predictions!).

I currently have two mortgages on the property I live in. The larger part of the mortgage is at 1.59% fixed until 2025. The other part of the mortgage is less than £100,000 but is on a lifetime tracker at the base rate + 0.75% (so currently 1.50%). This has served me very well for about 14 years now - originally I was paying nearly 5% on this mortgage. 

My question is should I start to look to fix this tracker part of the mortgage? I can currently get a 7-year fix from my current lender at 2.34% (it was 2.19% last week). 

Interest rates are predicted to possibly hit 2% by early next year. if this were to happen then I would be in a better position with a fix. Does this make sense?

Just interested in people's thoughts on this.
Thank you

london21

No one knows the future for certain.

Interest rates will continue to rise if the economy continues to boom.

Fixed will give you certainty of the fixed amount. 

getmore4less

Good lifetimes trackers on great rates can still be a keeper.

5year fixed only give a very short term protection.

+0.75 is still very good.

Gopher123

getmore4less said:

Good lifetimes trackers on great rates can still be a keeper.

5year fixed only give a very short term protection.

+0.75 is still very good.

Yes, I am reluctant to give it up because it is still a good rate. Interest rates would have to rise to 1.75% before I would lose on this. I forgot to add I still have 20 years to go on the mortgage.