Hi
Our mortgage is due for renewal. We had, probably like everyone else been hoping for a dramatic drop in rate but alas here we are and we have left it stupidly last minute
The current amount outstanding is £197k
We have £110k available to offset (merging two homes)
Which would leave us with around £87k
We were thinking of a 2 year fixed so that the market can stabalize a bit.
Current lender offering 4.8 with £999 fee & probably stay with them as left it until last minute
We want to eventually bring the term down to as low as possible but is now the right time?
Can someone please give me a steer as to the best way forward;
These are my questions
Is it the right time to add the extra £110k, or should we do less for now
Should we do the max term offered to us as interest rates are currently higher
Should we pay any fee upfront if we are only going 2 year rate
Any quick guidance really would be really appreciated
Many thanks in advance