With interest rates looking likely to rise, I might be able to bag a better deal by switching
Q I’m just coming into the final year of my five-year fixed-rate mortgage (it ends in January 2023). With interest rates looking likely to rise, is it worth me remortgaging now and taking the 1% hit on early repayment in the final year to bag a good deal, or should I wait until the fixed term ends?
I owe about £90,000 on a house worth about £220,000 and my current rate is 2.14%.
CL
A It might be worth remortgaging now but a lot depends on whether the potential savings you could make would cover the costs of switching.
