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I feel out of my depth here, with my fixed rate mortgage finishing at the end of the year I don't really know what to do.
What I don't want is to get (say) a five year fixed rate at (say) 5% and then see interest rates fall below that, but equally it would be nice to have protection against rates going to 7%+.
Which means I go in circles. When our 1.89% fixed rate expires we go onto the variable rate of 5.04%, which increases our monthly minimum payment by around 10%, which is manageable.
Better to wait and see, or is it inevitable carnage in future and I should be getting the lowest fixed rate available for the longest period of time?
Dammit
jellybaby
For what it's worth I reckon mortgage rates have a way to go up yet. If you believe this chart, the market is saying that the Bank of England rate will get to just under 6% by May 2023(!). Hard to imagine that banks could ever offer 2 or 5 year fixes inside Bank Rate.