How do I Brexit proof my mortgage?

We have a fixed-rate mortgage but with all the uncertainty over Brexit I’m unsure whether it’s better to be on a variable rate until things settle down and we know where interest rates land.

Nobody knows how things will pan out but it’s important to do what’s right for your circumstances rather than worry about something over which you have no control. In uncertain times, a fixed-rate mortgage makes sense, as payments are guaranteed to stay the same. It’s highly unlikely interest rates will fall further, and they could stay where they are for several more years.

You don’t say how long your mortgage is fixed for but if you decided to get out of it before the fixed term ends you’ll have to pay an early repayment charge. The amount will depend on your lender and how many years you have left on the fixed rate but it could run into thousands. By paying this you’d put yourself in an even less certain position because you’d be on a variable rate at a time when we have no idea where rates are headed.

I’d stick with the mortgage for now but monitor the situation. Six months before your fixed rate ends, start looking for another deal, ideally using an independent mortgage broker.