Feel sick - fixed mortgage ends August 2023, re mortgage now?

[Gettingonabitnow]

Hi

We moved this time last year, two years fixed mortgage, 3.5% then on to variable for three years. Cost of re mortgaging £4k which we’d have to tag onto the new mortgage application.

Should we try and capture a 5% deal now? I dread to think what they will be in a year.

I'm in the same position OP - not sure you can do it until six months before end date though I may be wrong. Conflicting thoughts when you read papers and experts - some think it may have stabilised by then. I'm fortunate at end of our fixed term we have a pretty low amount so can ride it out (if 6%) for a few years. Very worrying times though.

Don’t do anything at this very moment if you don’t have to. Current mortgage market is in a state of flux and uncertainty, and there are reports of banks pulling mortgage products temporarily etc. so it’s unlikely that you’ll get a good deal now anyway.

My current plan with our fix is to just overpay whilst we’re on a lower rate to make going to a higher rate less of a hit and hope that interest rates stop rising or coming down again - I don’t have a crystal ball though.

5% seems high even now. There are still 5 and 7 year fixed products for 3.3% on the market, can you call a broker?

I would have to pay £5000 to remortgage mine because I have 18 months to go I actually did the calculations and I would be £250 per month better off in year 3 and and five so that’s a £7500-ish saving. But actually it’s not about that it’s about my mental health in the meantime.