Nationwide mortgage renewal for Jan2023

mummybakes

Hello, my 5 year fixed rate is due to run out Jan 2023. I wanted to get this organised sooner but my second baby arrived 7 weeks early and everything was manic for a while. Now everything has settled in wondering if its best to get things planned now or wait. I've read on another forum post that things could be changing for the better in the next of weeks but then in other posts it says it will only get worse between now and January? Any help would be much appreciated. 

I've looked online at my current offers and the only one without a £999 fee is fixed term for two years at 5.89%. Other offers (with a £999 fee) are 5 years fixed 5.14% and 10 years fixed 4.84%.

Any ideas on what fixed term length is best? The 10 year fixed term one will be the cheapest pm at the current interest rate but will it lower considerably before 10 years?

Any help would be amazing, thank you

simon_or

Now that the govt has enacted a massive U turn, if things in the market stay calm for a couple of weeks, perhaps rates will start going down. But who knows.

https://forums.moneysavingexpert.com/discussion/6394632/mortgage-rates

DanDerby

I would decide before November 3rd when the BoE meet again about interest rates.

I have just renewed my nationwide mortgage and went for 10 years as i like certainly and would struggle on a variable if rates hit 6% for example. I've got it locked in now until April, so if it drops i can change my mind but wanted to try and get a rate which started with a 4.

It was only for 97K but fixed for 4.84%.

No one can predict the market but i highly doubt we are going back to sub 1% rates unfortunately, i think we will hover around 2% now for a good while, We have had it very good for a good while