Remortgage now or wait till feb 2023

loopy1lou

I have I have just received a letter from my mortgage company stating my fix term is up in feb 2023. They say I can remortgage now with them, so my question is do I do it now or wait? 

How long do I wait, till after lizz truss talk or just pick up the phone to them tomorrow and do it before, or even wait till next year?
also do I fix rate for 2 or 5 years due to the current economic climate?
I have looked and current mortgage interest rates and the 5 year is not that bad considering others rates. I currently do not want to change provider as it was difficult enough getting this one 5 years ago being on a single person’s salary.

Some advice and guidance would be appreciated.

london21

Wait till tomorrow to hear what the plans are.

I personally prefer 5 years due to certainty of amount and budget.

In the short term interest rates will be high, hard to predict the next 2-5 years. 

K_S

loopy1lou said:

I have I have just received a letter from my mortgage company stating my fix term is up in feb 2023. They say I can remortgage now with them, so my question is do I do it now or wait? 

How long do I wait, till after lizz truss talk or just pick up the phone to them tomorrow and do it before, or even wait till next year?
also do I fix rate for 2 or 5 years due to the current economic climate?
I have looked and current mortgage interest rates and the 5 year is not that bad considering others rates. I currently do not want to change provider as it was difficult enough getting this one 5 years ago being on a single person’s salary.

Some advice and guidance would be appreciated.

@loopy1lou If you can switch now and are happy with staying with your current lender, I don't really see what you might gain by waiting.

With regard to 2yr vs 5yr, it's impossible to say what will work out best in hindsight, but if you aren't looking to move and want the peace of mind of fixing through a potentially turbulent period, then a 5 year fix might make sense.

london21

loopy1lou said:

I have I have just received a letter from my mortgage company stating my fix term is up in feb 2023. They say I can remortgage now with them, so my question is do I do it now or wait? 

How long do I wait, till after lizz truss talk or just pick up the phone to them tomorrow and do it before, or even wait till next year?
also do I fix rate for 2 or 5 years due to the current economic climate?
I have looked and current mortgage interest rates and the 5 year is not that bad considering others rates. I currently do not want to change provider as it was difficult enough getting this one 5 years ago being on a single person’s salary.

Some advice and guidance would be appreciated.

Also note rate change expected next thursday 15/09.

If you are planning to, do it ASAP to secure the rates before they go up again.