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Another fixed rate mortgage question

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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.  

Comments

  • 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
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • thanks - yes will stick, get Xmas out the way! and overpay.
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