Another fixed rate mortgage question

Gengis

I have a fixed rate on £285k of 1.63% until October 2024 (at which point will have 15 yrs left)  Early exit fee is £8580.  At the moment I am resigned to the fact i will have a worse rate and think i could manage on 4.25 - 6% max.  My view is I should stick it out for 2 years and clear all other debts i can.  further, while the outlook is bleak at the moment i suspect things may change over the next 2 years e.g. may have a new government.

my question is - is my decision to stick things out and assess it in October 2024?

thanks for any advice.  

CSL0183

Yes, I would agree. Stay as you are and think yourself lucky that you still have 2yrs.

I would stick it out and relax with the hope that in Oct 2024 the storm has passed. 

ACG

I think I would also hold fire. 
Nobody knows, but you are weighing up paying £8k AND going on to a higher rate for say 5 years of which you will be 2 years into it when you current deal would finish. 

I would make hay whilst you are on the low rate and either overpay your mortgage or other debts. You will become used to paying the higher figure so will be less of an jump in 18-24 months. 

Gengis

thanks - yes will stick, get Xmas out the way! and overpay.