Re-mortgage Advice Please

Hi everyone, We are coming to the end of our five year fix deal in April 2023 currently on 1.99%.  We will then have four years 4 months remaining and 85K  which obviously is an usual time frame in getting another offer online whilst searching. Two questions if anyone can help please, firstly would it be possible to extend it to 5 years giving us an additional few months to help spread the payment out a bit more? and secondly in the current scheme of things would you advise a tracker or fixed rate TIA for an help you could offer.


  • kingstreetkingstreet Forumite
    38K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is this a remortgage to a new lender or a product switch with existing lender?

    The former, you would simply set the term you want. The latter you are usually stuck with how long is left but you could talk to your lender about that.

    FYI many products are not for a fixed number of years from completion but have a fixed end date, such as 31 January 2028.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • housebuyer143housebuyer143 Forumite
    1.6K Posts
    1,000 Posts First Anniversary Name Dropper
    Yes, you can extend the term and you will want to as most lenders require 5yrs minimum.

    It's your preference what you go for. Personally I would ride the tracker but again it's what you are happy with. If you can afford rates if the base rate went to 6% and were happy with that then a tracker is fine, if you couldn't and you need fixed payments to budget then fix it 
  • princess23princess23 Forumite
    96 Posts
    Tenth Anniversary 10 Posts Combo Breaker Name Dropper
    Thank you  for your comments this has been very helpful
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