Secure new mortgage deal now or wait incase interest rates drop.

[Toddlerteaplease]

My fixed term deal ends in July. I can renew now, but am I best to wait to see if I test rates drop any further. Currently on 2.09% but hoping to get under 4%. Current rates are about 3.78% for me at the minute.

I think with some lenders you can reserve a rate up to 6 months prior but change it if a better deal occurs before July. Maybe check with your lender if they offer that.

Fixes are only loosely tied to the current base rate and any expected changes will already be priced into the deals available.

But it is a good idea, like @anotheranonanon says, to reserve a deal, but see if things improve for you nearer to the time.

That’s a good idea. I didn’t realise you could do that.