Stick with fixed rate or move to variable?

Switch today if you can.

peterwilson said:

Hi
We're currently on a fixed rate (for 4 1/2 more years) at 5.5%.
We can move onto a variable rate (with no penalty) for 4.55%

Any advice?

Thanks
PW

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If you will pay no penalty then you would be mad not to switch, why pay more than you have to? Interest rates look like they will be moving further south and you can always go back onto a fixed rate when this happens at better terms