There are many people who advocate changing your mortgage regularly so that you can save money. With so many companies offering them, there is a lot of competition and so there is quite a high chance that you will be able to get a better deal than you currently have with regards to the interest rate. However, comparison is not a simple as that.
If you swap your mortgage provider, you will have to pay fees. You may have to pay fees to your current provider as well as the new ones and these could add up. If these fees get added on to the mortgage owed, then this could add up even more as you will pay interest on them for the remaining term of the loan.
You also have to consider how long the interest rate will remain so good. You may be signing up to a low rate for a fixed period of time. This can be good if you want to know what you will be paying each month. However, you may have to move on to a much larger rate afterwards or other companies might start offering lower rates and you will be tied in to a fixed rate that might not be that good.
No one can predict what the rates will do over the next few years. Even economists get it wring and do not like to make predictions too far in to the future. However, you might be wise to take a look at what people are saying about the rates and what they think might happen to them. Be open minded though and use your common sense to think about why they are making these predictions and what evidence they are based on.
A few mortgage companies have been their rates up lately as they are finding the low interest rates too costly and you may find if you move, the company might do this. F course, there is no telling if the one you are with will do it as well, but you will be more annoyed if you move and then get higher charges, than if your current company charge more as then might be a better time to move.
In conclusion, there really isn’t a good time to move your mortgage but also not a bad time. It all depends on who you are with, what you are paying and who is cheaper and by how much. Moving will always be a risk but by researching well, you will be taking a calculated risk.