Re-mortgage now or wait?

[bobski1]

getting back on track, I decided not to renew in the chaos and wait it out. Currently being offered a fix 3.98% for 5yrs. Wondering where that sits in the ball park of other people/deals people have been seeing?

The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.

[bobski1]

wombleh said:

Exacting_checks said:

It’s getting towards a year since I took a ten year deal at 3.5%.
Im still unsure as to whether I’ve done the right thing in terms of whether I “win”.

I'd have been well happy with that, we managed 5 years at 4.4% after a bunch of delays which saw our quotes rise from around 2% through 3.5 up to that final amount which we jumped on ASAP!

Nobody will now what it will be like in 10 years, only thing you can do is track it over the 10 years and hope that for most of that you are under the rates going, which you probably will be.

I fixed for 4% for 5yrs this year and happy with that, don't think I can see it going lower in that time. I know what I have to pay and just a case of head down and focus on trying to overpay as much as possible

[bobski1]

Having completed re-mortgage Aug last year, circumstances are changing with work and starting to assess if moving would be best. The current house is valued around 50k more than the price being asked for. The house we are thinking about needs work (windows, electric, boiler redecorating etc) so thought I'd ask here how best to use the equity in the current house to count towards the deposit and use for paying for the work required? I have savings but not enough to cover the full deposit but happy to dip into it as long as I can replenish the pot.

Family circumstance means I don't have the time to work room by room like I have done previously.