Fixed rate ending! Help!

katie4

Remaining mortgage Balance £42,921 at 2.33% rate ending June 2023
11 years remaining

can anyone give me any idea/advice on what new fixed term interest rates are looking likely to be?

 We’ve always fixed for 5 years should we fix for a shorter/longer period this time? 

thank you 

Edi81

Check your current lender for deals. 

At the moment 5yr deals are cheaper than 2yr. 

K_S

katie4 said:

Remaining mortgage Balance £42,921 at 2.33% rate ending June 2023
11 years remaining

can anyone give me any idea/advice on what new fixed term interest rates are looking likely to be?

 We’ve always fixed for 5 years should we fix for a shorter/longer period this time? 

thank you 

@katie4 No comments on future rates as I simply don't know.

If your fix is only ending on 30 June 2023, and assuming you don't want to pay an ERC (Early Repayment Charge), the earliest you can start looking at remortgage (moving to a new lender) options is late December or early January, as most remortgage offers are valid for 6 months, and with some lenders you can stretch that further for a few months.

To see what options may be available with your current lender, how early you can see will depend on the specific lender as it ranges from 3-6 months.

Given the relatively small balance and the term left, you're unlikely to be a lot worse off even if rates rose by a fair bit between now and the end of the year.