WWYD in this position (mortgage fix Q)?

[HarpyValley]

Currently on a 5 year fix, ending in November. Mortgage is comparatively small (will be ~£60k o/s by time fix ends). Have been overpaying consistently by a small amount but accept that will have to end in order to meet inevitably higher payments from December.

Would you fix again, and if so how long for? Thinking two years might give time for the current inflation shitshow to calm down a bit, but that might then leave me unavailable to find a lender for a further fix in 2025 because the o/s amount would potentially be too small (I believe many won’t offer a fix on balances <£55k or thereabouts. But fixing for longer might mean paying a much higher rate for longer if things do settle down in the next year or do?

Mortgage is small (currently ~£400 p/m before overpayment) but in line with wages / outgoings so not flush.

Aaaaaaagghhhhh! I don’t know what to do!

Depends on the term and your age.

The other possibility to consider is risking a short fix or the variable rate but taking a much longer term, which would leave you leaway to overpay but a smaller mandated payment (not that that helps if your term is already maxed).

I'd go through an independent mortgage broker and see what they suggest. They are worth their weight in gold and can help save you thousands

On a smaller mortgage, the fees can make a significant difference to the overall cost, especially over 2 years, so it could well be worth paying a slightly higher interest rate for a low/no fee deal.

You can search online brokers without having to actually apply/have an appointment and I'd look at those first for fixes and trackers, over 2-5 years to get an idea of what is available.

You might even be able to apply without committing and hold something for up to 6 months and if the rates change against your favour in the next few months look for something else nearer the time.

Sorry to jump on OP but @BMrs @BarbaraofSeville how do you find a good broker?

@YellowHatt
We used London & Country. https://www.landc.co.uk/p/location?location=london&ICID=ppcgtoplocs&gad=1&gclid=CjwKCAjwpuajBhBpEiwA_Ztfhcfo0CQMkoHrgbZ14ueqJt58SkHHfce6xP1dMumUeETI5eo87fWJ6hoC970QAvD_BwE

They were absolutely brilliant. No fee (they get paid by the provider and have other offers not available elsewhere. We fixed 6 months before we needed to to lock in a rate. I sense rates are going to go up again so I would do that now. We locked on for 5 years in Feb as felt that was about the right time frame. It's going to go worse, I don't see how it's going to get any better especially as Brexit is still kicking in.

Thank you @Simianwalk