Remortgage due advice

NealeH1875

Hello 

I have a few questions if someone would be kind enough to help or advise, 

We have our remortgage due next month. Ideally we would like to take some money out for some home improvements but I am not sure if we have the equity yet or if it is worth us saving up for this over the next 2-5 years ? Is it better to borrow against the house now while prices are up and borrowing is low ? 

Also our current mortgage repayment is roughly £1200 a month 

for a 2 year fix @ 2.94% our new costs will be £1413
For a 5 year fix @ 2.99% our new cost will be £1424

The monthlies don't really change so would we be better at fixing for 5 years at that rate ? 

Thanks

jimjames

I'd go for the 5 year. Chances of rates being lower over the next 5 years seems very small to me

purpleparrotuk

That interest seems good in todays market. Who’s that with?

egroeg1980

Those seem like great rates. I think the consensus is that there'll be rises toward the end of 2024, but after that it's anyone's game. 

For the small delta and peace of mind, I'd go for the 5yr. That's enough time for this spat to settle and hopefully have a more stable landscape for your next review in 5 years time. 

2 years might end just as the rates are a hiatus!?