Our mortgage is set to rise by £671 a month - what should we do?

A UK couple facing a remortgage in May next year say their monthly payments could rise sharply after their 2.04% five-year fix ends. They estimate costs will move from £1,784 per month to £2,455 next year, even after reducing the loan balance from £480,000 to about £419,000. Their question asks when to start a new application and what deal length might be safest as rates fluctuate, including whether a two-year fix could be preferable. Broker David Hollingworth responds that borrowers are not alone, noting mortgage rates remain volatile as base rate and geopolitical conditions shift. Offers are typically valid for up to six months, suggesting searching around late November or early December.