Mortgages - is it better to switch deals now to get a better interest rate?

[firststeps]

Our 5 year fixed period finishes in November, but I was wondering if it would be better to switch deals now to get a better interest rate? We would have to pay £1500 to change before the fixed period comes to an end but would this balance out with the money we would save over the next fixed period???

Not sure - but ours is up soon and DH is going to fix it for the life of the mortgage - he reckons that knowing how much you have to pay out each month is a far better thing than taking a punt on interest rate changes which he rekons will go up but not to the same heights as in the 80s.

DH is a cash fund manager by the way so I hope to god he knows what he is talking about!

there aren't many fixed rate deals out there at the moment, I think £1500 is a lot to pay out. See what rates you can find then calculate how much interest rates would have to go up for you to save more than £1500 in say a 3 year period?

Who do you have your mortgage with?

Northern Rock, think we are paying 5.8% atm

From everything I've read, we can expect low interest rates to be around for awhile. So, perhaps no need to rush and incur costs?