Remortgage now??

davidKnowNotMuch

My mortgage is not due to renew till 28 Feb 2023, so I'm just outside the 6 month period for remortgaging. I phoned Nationwide to see what my options were and they said I could not change my current deal (or lock in a deal I think?) until the 1st of October.

The other option they gave me was to pay an exit fee of £621 and then I could look for another deal now. The issue is next week the interest rate is predicted to go up by either 0.50 or 0.75%, I'm assuming if this was the case it would be better to pay the exist charge now rather than keep my fingers crossed until 1 October?

If it helps have currently got £62,000 left on morgage, currently paying £398, but had alook on comparison sites and the averge I would pay at the current interest rate is £430

Very confused

PawelK

If you can talk to a free broker perhaps they can find you a rate that is valid for six months (once you're within six months of your current deal expiring) and lock it before the banks increase them following the next BOE announcement.