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Remortgaging question
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slhqoue
Posts: 139 Forumite


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.
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.
0
Comments
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I think you'll be shocked by SVR's. Check what your lenders is.
Also they'll be an early repayment charge to exit.1 -
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.Life in the slow lane1 -
Hold until February as situation will be clearer then and enjoy the lower rate for as long as possible0
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I wouldn't change your deal now with your low rate. Wait nearer the timeMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0
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