Remortgage or not?

Jojolouhig

I’m a newbie on here so hello everybody.
My mortgage is with First Active who no longer exist for new mortgages but are part of RBS. When my fix ended in 2011 I stayed on their long term rate which was 1.10% above base rate so with rates being so low I stayed there and made regular overpayments where possible. Now with rates rising, I’m now wondering if I should look to fix or not?

The remaining balance is currently just under £18,000 and I have 12 years left on the mortgage although I am planning on paying it off sooner.
I must admit I have got used to overpaying whenever I can so any advice would be greatly welcomed. 

Like everyone, I would love a crystal ball to see where we will be in 12 months time!

london21

Jojolouhig said:

I’m a newbie on here so hello everybody.
My mortgage is with First Active who no longer exist for new mortgages but are part of RBS. When my fix ended in 2011 I stayed on their long term rate which was 1.10% above base rate so with rates being so low I stayed there and made regular overpayments where possible. Now with rates rising, I’m now wondering if I should look to fix or not?

The remaining balance is currently just under £18,000 and I have 12 years left on the mortgage although I am planning on paying it off sooner.
I must admit I have got used to overpaying whenever I can so any advice would be greatly welcomed. 

Like everyone, I would love a crystal ball to see where we will be in 12 months time!

So the mortgage left is £18,000 most lenders do not lend such small amounts as a new mortgage.

dimbo61

With a balance of only £18,000 the recent BOE base rate rises will mean only a tiny increase in your mortgage payment each month.
Do you have any other expensive debts ?
If not keep up the overpayments each month.
There is nothing better than being Mortgage Free and owning your home.

Jojolouhig

No other debts thankfully!

Edi81

For £18k no way! The saving will
be minimal - less than a pint of beer!