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10 year fix or stay on variable rate

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  • 10 year fix or stay on variable rate

    Hi, looking for some advise whether no is the right time to fix.

    Currently on Nationwide Bmr (Base rate plus 2%) so current rate 2.5%, payment 299 but am paying 450 a month (overpaying to reduce capital) and have done since 2013.

    Property value £92,211 outstanding mortgage £72,675 LTV 78.6%

    Nationwide are offering a ten year fix at 3.34% would make my payment £319 then goes onto their Smr rate which is currently 3.99% but is not tied to Base rate.

    I would continue to overpay £120 a month so over the 10 years approx. 14,000.

    Obviously if I stay on my current rate I am at risk to Base rate rises and my worry is that if I wait until the first small interest rate hike fixed rates will increase

    No fee on the fixed product and can overpay the amount I need without penalty