Should I run a mile? 4.64% 2 year fixed mortgage renewal with Santander.

jmb1

14 yrs £58k left. Fixed rate ending in Jan 2023 was 1.89%. Realise rates are increasing but wasn't quite expecting such a jump. Should I (run and) shop around? Got 14 days to accept.

Apart from the agonising 8 hours queuing on phone call, was thinking I might try them again if rates aren't predicting to rise as steeply, say.

welly_59

Always worth shopping around, Burt it's not exactly the right market conditions to get anything favourable right now

ACG

No harm shopping around but that is not a million miles off the going rate, you might be able to shave .25% - .5% off but that assumes you get something submitted quickly. At the rate things are going, it could quite easily be more than that by next week. 

strawb_shortcake

The start of the month I was offered 3.52 with Santander, I contacted my broker and they could only match and advised me to take the retention offer. I'd be looking at an extra £100pm on today's rates rather than the £40 secured a couple of weeks a ago. 

I was expecting them to rise but didn't think it would be this quick.

jmb1

ACG said:

No harm shopping around but that is not a million miles off the going rate, you might be able to shave .25% - .5% off but that assumes you get something submitted quickly. At the rate things are going, it could quite easily be more than that by next week. 

I could save a further .3% by fixing for 5 years, but I'm a little loathed to do that being tied in for that long for the sake of £10 a month saving. But who knows, maybe in 2 years time @4.64% I could be coming out of a relatively good deal?!