If you're remortgaging now or soon...

[pinksunsets]

How long are you fixing for given rates are now around 6%? 2 years hoping they might go down after? Or 5 years because things might get worse and potential falling house prices might affect the remortgage deal you get??

Did a 5 year fix in Feb (thank god)
I'd advise anyone remortgaging now/soon to go for 5 years but DO use a Broker! (We used L&C)
Do the sums - could you do interest only for that term? Could get you through the CofL crisis.
I don't think interest rates will (or should) go back down to the low rates we've seen in the past 10 years.
I think they will end up at 3-4%.

@DeadHouseBounce sure, we recognised mortgages would increase due to international economic factors but the impact of the UK government's ineptitude exacerbated an already volatile situation

True, they have definitely stirred the pot it seems....

www.bbc.co.uk/news/business-63300736

I reckon that mortgage rates will settle at about 8% and that will be the New Normal.

@DeadHouseBounce what is that based on? How long do you think it’ll be before it reaches that 8%?

It is based on the obvious direction of travel, and historical "normal" interest rates, but of course these are far from normal times, there could easily be spikes much higher I would say. When the MSM are pushing higher savings rates as a "positive" you know the game has changed. People expecting rates to go back to 2% because the new chancellor blows his nose or something are seriously deluded IMO.

news.sky.com/story/uk-economy-latest-news-inflation-mortgage-rates-12615118

Did a rate switch september 1st with nationwide 3.69% for 5 years- just checked mortgage rates with nationwide now and their at over 5% for 5 year fix 😳

We have no growth in the UK economy and none on the horizon. These interest rises are all to do with external factors, not the public being profligate and the rate increase is a choice by the BoE- which the government could override if it chose to. My feeling is it will spike then come back down in the next couple of years.

Not all predictions. Some economics experts think that mortgage rates have already peaked. Personally, I think that they'll peak sometime in early-mid 2023, but nobody really knows.

Agree @LionsandLambs

The US is about to fall into recession. Rates will start falling at some point within the next 18 months I think. I wouldn't fix for 5 years.

We’ve not decided yet. Our fix ends sept 2023 , all being well it could be low enough to clear completely. We also have a tracker (at a little over base rate) which we are ploughing funds into to limit what we pay overall but there’s obviously only so much we can overpay without affecting the rest of our lives.

Not easy to know what to do.