Unfortunately there is no simple answer to that question without looking at your entire situation.
Points to consider include:
What your current lender will offer you -
- Your current lender will probably offer you several diffeent deals including a new fixed rate and a tracker rate. Halifax are in general a good lender and often offer good retention products (ie deals to current customers).
What other options are there -
- Speak to an independent
mortgage broker who will be able to trawl through all of the available deals out there from all the different mortgage lenders and inform you of the best options available. I notice this question is 3 months old so now is about the right time to talk to a mortgage broker. I generally recommend people to talk to a broker approx 3 months before their current deal expires as most lenders mortgage offers expire after 3 months so there is no point in acting earlier than that.
As for what interest rates will do, current expectations are that they will fall considerably over the coming year. However, if you take a _base_ rate tracker mortgage hoping to capitalise on this, consider the length of time you are tied in for. Most trackers tie you in for a minimum of two years, and although current expectations are of rate cuts, it is difficult to predict two years into the future so be sure you can afford the payments if the rates come back up again. If you can't, then perhaps a fixed deal is the better option for you.
As I said above, the best advice is to seek advice. Speak to an independent broker and discuss your situation. They will be able to advise you once they have all of your information.
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