Stick with older BMR deal or take out new fixed deal?

squidion

Hello folks, I’m looking to employ the wisdom  of the masses!

We have ~£60k and 10 years left on our mortgage. Our rate is a Base Mortgage Rate (bmr - basically bank rate +2%), from 2007 deal, so it’s currently 3.75% and £550 p/month for us
Due to uncertainty, my wife wants us to leave the bmr and fix with whatever the current best rate is. However, I don’t really want to loose the bmr as afterwards we’ll end up on the higher Standard Mortgage Rate. So, I think I want to gamble/ ride out possible storms knowing when the dust settles we’ll potentially have a good rate again. She wants to fix to avoid uncertainty. So, crystal balls at ready, What would you do? Thanks

dimbo61

So what rates can you get for a 5 or even 10 year fix ?
No plans to move home in the next 5/10 years ?
What's your LTV and do you want to clear the mortgage ASAP ?
Age, plans, kids, job and pensions, savings, Income ?????
So many questions only you can answer !

csgohan4

  I think the days of low rates is over tbh. Inflation was not very high in 2008, it is 2022 which is one key difference. 

if you want to wait it out, you will be waiting quite a while but as you say crystal ball time.

I fixed on a 10 year rate this month which is almost half of what is being offered today. So I am already saving a boat load.