Kicking myself about not fixing mortgage rate

[errnerrcallnernnernnern]

Hi, our mortgage expired a year ago and we have been paying the variable rate ever since. We were offered a rate of 3.4% for a 3 year term.

I have just called my bank now and have been offered a 5 year term at 3.9%.

I just wanted to get your views on whether you would take 3.9%, or should I shop around?

I am inclined to either to lock it in for 5 years or 3 years.

Thanks! Happy to provide more details if needed.

I fixed with them on Monday for 3.34%

This says BoE rates are expected to go to 4.5 in Nov then nearly 8% in Dec. Mortgage interest rates will therefore be higher.

but the article you linked says the below?

""We expect the Bank of England to hike rates aggressively from 2.25% to 4.5% by early 2023, with a hawkish pivot in November," says Sonali Punhani, Credit Suisse."

Try a free mortgage broker like L&C so you know you’re getting the best deal

We have just fixed at 3.8% with tsb for 5 years, it’s our existing lender. We paid a £2k early exit fee as well on our current mortgage. Like someone upthread said, sometimes you’ll be up, sometimes you might be down but at least you know the amount.

Have you tried their website? I don’t know about your provider, but for many mortgage providers if you are already with them you can do a ‘product transfer’ that can be done online in 10min. We did this and didn’t require a finance check as we are staying with same provider.

Sorry that was for @WorrieaboutFIL

If I stay with my current provider I can change the mortgage in December, otherwise I can't do it until March, so will have to see what happens between now and December and see what current provider offers and make a decision. I don't want to wait until March to move elsewhere and end up regretting it.

Did 5 year fixed last year - usually do 2 yr - and was actually considering 10 yr fixed.

The retrospectoscope is a funny ol thing. The only way rates were ever going to be going after being low for so long is up so this whole dithering about potentially a few tenths of a percentage point gain, if they did decrease in 10 years is nuts!

Double check this is right.

I've just come off a call with a broker and she said i could have locked in a deal with another provider 6 months prior, but I was waiting for 3 months prior as that's what my current lender told me.

I've just locked in to 4.27% for 2 yrs, and broker said the rate goes up 0.82pp tomorrow 😑