Fixed term coming to an end?

[CatThiefKeith]

Do we need to shop around for a new mortgage?

Look at what your current lender will offer and also look at what their SVR is as it may be a lot lower than a fixed rate.

Mortgage rates likely to go up but who knows when and by how much.

I'd get the cheapest quote you can in writing and then go to current lender and see if they can beat it. That's what we did with nationwide and we stayed with them as it was easier than switching, they also gave us £100 to stay as a bonus..

(When I say stay I mean on a new fixed rate which was cheaper than the cheapest quote I found).

Thank you. It's our first mortgage so we are very green.

It should say on your paperwork what rate you'll be on when your deal ends. Check on your last annual statement.

We chose to get another very good fixed rate with the same lender. Do have a look around and see what your options are

Definitely check what the paperwork says about what the mortgage will change to after the fixed rate ends. You might find that it goes to something that works out well in your favour.

Another one saying don't rush into anything. Back in 2008, just before the crash, I hastily re-fixed my mortgage at 6% for five years. If I'd stayed on SVR I'd have been paying something like 2.5%....

Check out the deal you get with your current lender when the fixed rate expires and then judge what other products are around on that basis. Take your time.