Remortgaging question

slhqoue

We have £188k left on our mortgage over 23 years and are up for renewal next February. Our current 5 year fix is at a fantastic 1.76%.

Obviously we're in for a bit of a shock next February. Current deals for 5 year fixes seem to be around 4.25%.

However it seems that interest rates are slowly coming down? Would we be better moving only a variable mortgage for now and waiting to 'lock in' a better deal on a 5 year fix in the future?

Any advice - or directions towards reading to help me understanding the decision we'll need to make - appreciated.

Hoenir

I think you'll be shocked by SVR's. Check what your lenders is. 

Also they'll be an early repayment charge to exit. 

born_again

Wait till nearer Feb next year to look at the best way.
Given that will give a far better read on where BoE are heading. One drop means nothing when autumn budget has yet to be announced.

Da1991_

Hold until February as situation will be clearer then and enjoy the lower rate for as long as possible 

Sncjw

I wouldn't change your deal now with your low rate. Wait nearer the time