Mortgage deal expiring

[namechangequeen35]

Hello

I'm just after a bit of advice please as I don't know what I'm doing.

My 2 year mortgage deal ends in December '23 (oh how I wish I'd taken the 3 year deal ).

I've read that interest rates may start to decrease later on in 2024, do I look to renew now? For how long?

Or am I near off finding a broker? Now? Nearer December? Oh how I wish I was intelligent lol.

If you sort it now you can switch to a better deal if one comes a long. Using a broker is up to you, I did and they monitored for lower rates? One came up that was lower and so we switched.

You can start looking now and lock in a deal which you can most likely change nearer tho time. But definitely start looking now.

id be using a fee free broker.

Dh works in the investment space and says the rates won't be going anywhere for a while. We are reverting to the normal long term average interest rates of around 5-6%.

The ridiculous low rates were the anomaly.

I m amazed at why people use brokers especially when you already have a mortgage. Your existing lender is very much likely to give you the best (or extremely, extremely competitive) rate currently available on the market.
check online or give them a call.
I remortgaged (or rather switched rates) with existing lender a month ago. My current fix ends in September and we will go onto new rate then. Went for 5 years because we managed to get 4.07% and I m not sure it will go much below

But your broker will find that out for you. I approached a broker and he confirmed that existing lender was best deal out there so I locked in with them for end Sep. He gets his fee, I get someone else doing the leg work.

Like everyone else said look now at what deals are out now. You can always book something and then cancel it closer to December if something better comes up.

I would probably be tempted to go for a longer fix to get some certainty, but that's just me.

It depends on your finances, if you can afford for interest rates to be 7 or 8%+ then you're in a good place to roll the dice on a short fix.
If you can't then I would fix for longer and accept that if rates fall at some point you are paying the extra for peace of mind and security.

Any decent broker will check that.

Our mortgage broker found us a better deal thank re-mortgaging with my existing lender offered, and it was also better than anything I found in the market. He also explained why some deals looked better until you got into the smaller print.

I'd speak to one now to find the best deal available at the moment, a good one will keep an eye out for better deals closer to the time you need to commit.

Thank you all for your replies.

Definitely can't afford for it to go up much higher. So wish I'd taken it out for longer but I'm sure many of us think the same.

I was thinking broker as I d not have a clue what I'm doing! Will have a look for a local one and see what my current one are offering too. I didn't realise you could cancel closer to the time will look into that too.

Thanks again for the advice. Much appreciated