Remortgaging, now

[therams]

just want to get general opinions

our mortgage is now eligible to switch to a new product. We are on a 5 year fix expiring later this year

interest rates have gone up this month and seem likely to rise again in July and later this year

current mortgage offers from banks seem to have gone up too, to around 3% in a repayment mortgage

we'd be silly to not fix again as quick as possible, at around 3% wouldn't we?

Crystal ball time I know, but it looks like we are going to end up at 4% and 5% mortgage products later this year?

[duckson]

It's all a guess but if I was in your shoes I'd be taking a remortgage ASAP as i think products will only rise in cost.

My current 5yr mortgage (1.29%) ended on 30th June but I took a 2yr fixed (1.59%) out in January which is being moved to on 5th July, only took a 2yr as i'm paying the remaining balance off when that's done otherwise i'd of taken a 5yr.

[timberman]

If I were in the same position and could remortgage now without incurring a penalty then I'd do it,

Interest rates are only going to go up from now on with inflation where it's at so another fixed rate would be the obvious choice and probably a good idea to fix for at least 5 years,

I think we've seen the last of mega low interest rates for a while,

It looks like the government have managed to back themselves well and truly into a corner and as per the other thread are now looking to increase the length of mortgage terms to try and keep the house price bubble afloat.

[conanius]

I think its (probably?) fair to say mortgage rates won't be going down anytime soon.

Based on that, if I was in your position and could switch for low/no penalty now, I would.