I'm at the same stage. The main problem with getting a new mortgage is that lots of lenders want a higher percentage of deposit now - therefore if you've got a relatively young mortgage (say expiry of first 5 years on a fixed term when you haven't really made much impact on the debt), then you might end up having to put in extra cash to move your mortgage. My current mortgage company is perfectly happy for me to carry on outside the fixed term on the same terms, however because rates are so much lower now, that's not very economical so I will probably change to a variable deal. I would have thought though, if your fixed term was set a few years ago, then it's unlikely that changing to variable would see you paying higher instalments over the next couple of years or so at least and so you have time to consider your options then if rates start to rise significantly. There's no easy answer though right now, unfortunately.
Frances McAllister ● 5998d