Remortgage

sgc21

Hi, just querying my fixed term doesn't end until the end of may 2023 but I can remortgaged 3 months earlier in march 2023 but just querying whether I should move remortgage now before my fixed term ends and pay £1600 in penalty fees or leaving until march next year with the fear of rising interest rates.
I would be looking at 83k over  a fixed
10 yr deal If available so not sure what the best way forward is as we are all being told interest rates will increase.
Do I pay the penalty charge now to lock in the interest rate now for 10 yrs or leave it until march with the risk of more interest rate increases costing me more than £1600 in the long run with the potential of not being able to afford a term of 10 yrs and having to increase it over a longer term.

Thanks 

sgc21

sgc21 said:

Hi, just querying my fixed term doesn't end until the end of may 2023 but I can remortgaged 3 months earlier in march 2023 but just querying whether I should move remortgage now before my fixed term ends and pay £1600 in penalty fees or leaving until march next year with the fear of rising interest rates.
I would be looking at 83k over  a fixed
10 yr deal If available so not sure what the best way forward is as we are all being told interest rates will increase.
Do I pay the penalty charge now to lock in the interest rate now for 10 yrs or leave it until march with the risk of more interest rate increases costing me more than £1600 in the long run with the potential of not being able to afford a term of 10 yrs and having to increase it over a longer term.

Thanks 

Amount outstanding?

81,800

Value 230000

current rate? 2.02

new rate? Not sure yet

fixed term? Yes