Hi, I thought to start this thread specifically for those who have their mortgage renewal for January/February next year.
There's so much uncertainty at the moment and a friendly chat about strategies people are taking would be very helpful.
We are set to renew on February and so far have a 5 year fixed offer from our existing lender which results in 57% monthly increase (as a backup).
We are also in the process of getting another offer with extended time untill we are 75 years old 🙈! This will drop our monthly payments by a bit but still the monthly increase of about 43%.
Of course, we are hoping the rates will go down by the next year and then we will be able to get a better deal. At the moment all options look very bleak. 😔
What is everyone else doing with their mortgage? Are you fixing or going variable?