DH and I are going round in circles and he is getting more and more stressed and I am getting more and more confused.
I’ll try to explain the best I can:
A few years ago before covid, war and craziness we took out a 5 year fixed rate at a decent, low rate.
The fixed rate doesn’t end until next October
We have to pay a £4000 fee to get out of the mortgage any earlier
Currently the best rate we can find to fix at is 3.5%
I think DH has worked out that rates only have to to up to 4% before it’s worth paying the early redemption fee.
So do we cut losses and change mortgage now or hang on and risk getting a worse rate?
It’s worth mentioning that we are fortunate to be able to afford higher rates if necessary as this was always a consideration when buying the house and we can spread it over longer if necessary but we both hate wasting money and it’s messing with DH’s head. He’s already kicking himself for not fixing for longer before hand.
Id really appreciate any advice from those in the know.