Remortgage now or in 3 months?

eddm87 · 24 January 2023 at 2:06PM

Hi.
Our main mortgage is coming up for renewal in July but can renew now for no extra cost if we want to. It is £114,000
With Barclays and realistically want to stay with them, but can switch if worth while. looking for a 2 year fixed as believe interest rates should be in a better place then. Can currently get 4.75% with 999 fee.

Is it in people's opinions to renew now and lock that price in or wait it out till July thinking the rates will drop/stabilise lower?

eddm87 · 24 January 2023 at 2:08PM

Should have said, currently our rate is 2.08%

pjcox2005 · 24 January 2023 at 2:17PM

I'm not a mortgage advisor but mine comes for renewal at a similar time. I'll be waiting at least till March to renew.

I potentially will look at options then and see what's happening, particularly if the mortgage advisor allows us to arrange a mortgage in principal that we don't need to sign till June, but ideally I'll take the benefit of 2% for the full term and then I feel like mortgage market may have calmed further in another 5 months for slightly lower rates. Don't think there will be huge movements though.

That's me crystal ball gazing with no expert knowledge so take that as you want.