Remortgage advise (HSBC March 2023)

nick1234

Hi

Just wanted some advise on what to do, like many mortgage deal runs out soon (March 2023) and panicked about the huge increase in monthly payments.  I have 215k outstanding, single applicant and flat is worth about 360-370k.  Rate is 2.5% was fixed for 3 years, remaining 24 years with HSBC 

I got an email from the broker today who did my last deal about discussing a new one as its within 6 months.   Does anyone know if i should start the process or ask HSBC what their current rate would be (is it too early?).  Also aware the current panic has caused mortgages to consider future rate hikes, will they likely offer 3-4% in the next 3/4 months?  I can definitely see rates slowly going up to 5-10% over the next 2-5 years.  

Also considering extending the term back to 30 years and overpaying when possible? 

Thanks

Saint84

Yeah I am in a similar position. My fixed team is ending Nov 2023 but I have decided to fix a rate as have 6 months to take it up and HSBC ERC is a pro rated

nick1234

Saint84 said:

Yeah I am in a similar position. My fixed team is ending Nov 2023 but I have decided to fix a rate as have 6 months to take it up and HSBC ERC is a pro rated

What erc did u pay?  I can see rates dropping a bit so unsure whether to wait till year end..

Saint84

its 1% of your mortgage balance. suggest you call up to get an exact number