If you are about to take out a new mortgage...

(20 Posts)
Difficultyear2015 Fri 04-Nov-16 11:38:36

Will you be going for a fixed or variable rate?

PurpleDaisies Fri 04-Nov-16 11:39:47

We fixed for five years. We were worried about what might happen when Brexit actually goes ahead and like the security of knowing what we'll be paying for the foreseeable future.

TheBeaconsAreLit Fri 04-Nov-16 11:52:30

We've just fixed for 2 years. First time buyers and want to be able to review/experiment a bit. Hoping that 2 years is short enough that the effect of Brexit won't have seen interest shoot up too much!

Frolics82 Fri 04-Nov-16 13:08:08

The interest rates can only go up from here really so I'd go with fixed. From what I have noticed, the variable rates aren't any lower anyway to balance out the base rate going up.

UrethaFranklin Fri 04-Nov-16 13:46:06

I also fixed, I like to know that my mortgage payment will be staying exactly the same for 5 years.

BowiesJumper Fri 04-Nov-16 16:32:28

We've just fixed for five years.

MadeForThis Fri 04-Nov-16 17:22:40

Fixed for 5. Can't see rates coming down. 2 years seemed too close to brexit if article 50 happened next March. Was worried about how unstable things could be just before the separation happened.
5 years will hopefully give time to settle down.

Secretspillernamechange Fri 04-Nov-16 17:28:52

We did ours about 6 weeks ago and fixed for 5

Secretspillernamechange Fri 04-Nov-16 17:29:16

That's 5 years - posted too soon

ApplesTheHare Sat 05-Nov-16 06:28:39

Fixed for 5 years too. Our mortgage advisor and my FIL who's a financial guy both said they haven't seen mortgage rates this low for many years, and that they'll only go up. With all the uncertainty stemming from Brexit we wanted to know what we'll be paying.

SillySongsWithLarry Sat 05-Nov-16 06:47:52

I fixed for 5 years too. It gives us some stability in knowing our payments and when the fixed rate is up, the LTV will be well below 60% opening up the best rates for the next remortgage.

adriennewillfly Sat 05-Nov-16 13:53:38

Fixed for 2 years. Was able to get 1.44%, can't see rates going up yet (nor down), only have 85% LTV but expecting to make a big overpayment when we remortgage. If we had 60% LTV, we'd go for 5 years fixed.

thumbsupforthesixbillion Sat 05-Nov-16 13:57:04

Another going for a five year fix here, we debated for a bit on 2 or 5 as we are expecting a windfall to overpay but decided 2 wasn't worth the risk.

GazingAtStars Sat 05-Nov-16 22:23:26

I fixed for 2 years

TurquoiseDress Sun 06-Nov-16 09:35:31

Am keeping an eye on the replies here.

We are currently looking at mortgages and have mainly been considering 2 year fixed rates.

My only worry is when we come to re-mortgage 2 years down the line.

Do we still need to do all the - 3 months of pay slips, outgoings/expenditure, even if we remain with the same mortgage provider?

5 year fixed seems more certain, but costs more for the security.

My mortgage broker was certainly steering us towards a 2 year fix and I found him almost patronising when I asked for 5 year fixed!

darceybussell Sun 06-Nov-16 09:41:45

We went with a variable rate for two years because it was an awful lot lower than the fixed rates. I can't see rates going up much in the next two years and we may fix after that. Also we are not tied in so if rates do go up too much we can get out of it.

Difficultyear2015 Sun 06-Nov-16 10:27:46

Your broker will prefer you to fix for as short as possible as it means he has the potential to make another's commission when you remortgage in 2 years one rather than wait for 5 years to remortgage

feelingdizzy Sun 06-Nov-16 10:29:05

I have fixed for 2 years

Bellaposy Sun 06-Nov-16 16:29:41

Fixed. Rates can realistically only go up.

footballwidow12 Sun 06-Nov-16 16:30:42

We just fixed for 5 years.....also worried about the effects of brexit.

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