Should I re-mortgage now when rates should start to fall?

Walby3

Whilst my standard variable rate is unbearable and costing an extra £500 per month, I'm just wondering if maybe seeing to out till the 1st of August to see if there is a rate drop.

BarelySentientAI

Even if they did drop by 0.1% or 0.2% - how long would it take you to recover the extra £500pm you are spending now?

Hoenir

What's your current mortgage product and interest rate? 

la531983

Lenders wont be dropping their products instantly on the 1st August even if there is a drop, just like with the energy market the mortgage products are priced up with predicted rises and falls baked into the rates already.

Walby3

I believe i worked out a .25% drop would save about £1200 over the 2 years and cost £500 in the difference. is it possible if Base Rate drops by .25% banks will drop a bit more predicting they will drop further?

Im currently on standard variable of 7.5% paying about £2280 a month. My plan was a tracker but it seems coventry have pulled all their trackers for the time being.

BarelySentientAI

Walby3 said:

I believe i worked out a .25% drop would save about £1200 over the 2 years and cost £500 in the difference. 

Well then that's your calculation.

Do you think it's worth paying £500 now for the chance that you might save £700 over two years?

Walby3

BarelySentientAI said:

Walby3 said:

I believe i worked out a .25% drop would save about £1200 over the 2 years and cost £500 in the difference. 

Well then that's your calculation.

Do you think it's worth paying £500 now for the chance that you might save £700 over two years?

When you put it that way 

I think I'm just trying to prolong the inevitable 

amnblog

You have until the 23rd July to make your mind up, after which you will be too late to get the new rate to start on 1st August anyway.