Remortgage now or when my deal expires in 38 days

formfailer

I've looked at the rates available and although better than my current mortgage provider, its not by enough to make changing worth the hassle. If i stay at the same place Santander, there would be no wait, no SVR months while the new deal is set up, no checks and no valuations, etc.

Im looking at a 2 year fixed deal with no fees

My question is should i settle for the Mortgage price now or will it increase / decrease in the next few weeks?
How often to mortgage deals change? and will the BOEs 2/2/23 meeting change anything.

Many thanks in advance for any help

dimbo61

Yes the feeling is the BOE base rate will rise to 4.5% by the end of 2023.
But what do I know !

MFWannabe

What rate can you get? You may get better relies to your question if we know that 

housebuyer143

formfailer said:

I've looked at the rates available and although better than my current mortgage provider, its not by enough to make changing worth the hassle. If i stay at the same place Santander, there would be no wait, no SVR months while the new deal is set up, no checks and no valuations, etc.

Im looking at a 2 year fixed deal with no fees

My question is should i settle for the Mortgage price now or will it increase / decrease in the next few weeks?
How often to mortgage deals change? and will the BOEs 2/2/23 meeting change anything.

Many thanks in advance for any help

I tend to product switch if there isn't much in it. So much easier. Rates are only on a downward trajectory at the moment so I probably wouldn't be concerned with them increasing in the foreseeable 

formfailer

MFWannabe said:

What rate can you get? You may get better relies to your question if we know that 

Hi.
We were on 2.29% 5yr fixed.
The best santander for 2yr is 4.84% with £999 fee (659 a month) or 5.14% without fee (£677 a month) vs best deal I could find for 2yr fixed (no fees) was 4.82% £652.

So saves £600 for the 2 years but would need to apply, etc.

gih

formfailer said:

My question is should i settle for the Mortgage price now or will it increase / decrease in the next few weeks?
How often to mortgage deals change? and will the BOEs 2/2/23 meeting change anything.

Like @housebuyer143 says, fixed rates are on a downward trajectory at the minute. In fact, looks like some of Santander's rates have fallen again today.  I'd say it's probable there'd be another drop within the next month before your current deal expires, unless BoE's decision on 2nd Feb differs from expectations.

jonnypb

gih said:

formfailer said:

My question is should i settle for the Mortgage price now or will it increase / decrease in the next few weeks?
How often to mortgage deals change? and will the BOEs 2/2/23 meeting change anything.

Like @housebuyer143 says, fixed rates are on a downward trajectory at the minute. In fact, looks like some of Santander's rates have fallen again today.  I'd say it's probable there'd be another drop within the next month before your current deal expires, unless BoE's decision on 2nd Feb differs from expectations.

Aren't they expecting another rise in the interest rates from the BoE next month?  Quite a lot of things I'm reading at the minute is that it could go to 4.5% by the summer, but obviously no one knows and hopefully that might be an over forecast.

gih

jonnypb said:

gih said:

formfailer said:

My question is should i settle for the Mortgage price now or will it increase / decrease in the next few weeks?
How often to mortgage deals change? and will the BOEs 2/2/23 meeting change anything.

Like @housebuyer143 says, fixed rates are on a downward trajectory at the minute. In fact, looks like some of Santander's rates have fallen again today.  I'd say it's probable there'd be another drop within the next month before your current deal expires, unless BoE's decision on 2nd Feb differs from expectations.

Aren't they expecting another rise in the interest rates from the BoE next month?  Quite a lot of things I'm reading at the minute is that it could go to 4.5% by the summer, but obviously no one knows and hopefully that might be an over forecast.

That's the expectation, so that's already been factored into the fixed rates. Tracker rates will go up as BoE rate increases of course.