Ugh, fixed rate finishes Jan 2024

[KenIsAnAccessory]

Possibly the absolute worst time. Anyone in a similar boat and got any pearls of wisdom? I'm thinking perhaps a 2 or 3 year fixed rate, ride it out and then look at a further new deal in Jan 2026 or 2027 in the hope that rates have come down a touch?

Other option is to take a tracker and hope for the best. Could be a rough year or so in that though.

Lots of ten year deals about but I'm thinking probably not with rates set to peak early next year and stay high ish before settling after 24-36 months 🤔😱

Wish I had a crystal ball.

We’re up in March 2024 and I echo all that you’ve said. Wish I knew what to do for the best. Any increase is going to be hard for us to swallow 😭🫣

I'd personally look to stretch your term and fix so you know what figure your paying each month. There will be lots of fluctuations in the next year so I definitely wouldn't do a tracker if your only planning to fix for 2 or 3 years as you'd most likely pay more and struggle with the uncertainty.

I think a 2 or 3 year fix is sensible, with a view to reduce the term back down again if the interest rate comes down and payments are more manageable.

Ours is due up at the end of December. You can lock a rate in now and are therefore protected if the interest rate goes up again between now and your renewal date. If it goes down you can switch to a better rate.

Yeah - our rates have just become available to lock in from current provider. We're thinking about switching though as their rates aren't the most favourable. Also, we've done a lot of work to the house since we moved in- fixed some structural and roof issues, landscaped the garden, added an office, replaced windows etc and feel its probably worth getting it revalued but not sure how to go about this.