Hi,
Just after some opinions in regards to my mortgage & wondered what other people were or are doing.
Fixed term is up May 2023, wanted to pay ERC & leave a couple weeks ago to fix in on around a 3.5% rate, but could not get an appointment with Nationwide until tomorrow, where in the meantime a 5 year fix is 5.14, increasing our monthly payments by £250.
We can just afford this, but this would really be close to our limit of what we could afford.
I'm torn between paying the ERC & fixing tomorrow at 5.14% Incase the rate increases any further, or hanging on another couple of months where I can secure a deal without paying early repayment.
My worry is if the interest rate ends up going above 6%, we will find this really tight at the moment. Also another note we can not change lender for financial reasons.
What are others thoughts?
Thanks