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Fix mortgage for 5 or 10 years?

3 replies

EnglishRain · 23/09/2020 18:24

Posting here mainly for traffic. Was wondering if you could tell me what your preference would be?

Current LTV 75%. No plans to move. One DC, house suitable for more DC if we had any but it's unlikely.

Option 1: remortgage to a five year fix at 1.59%
Option 2: remortgage to a ten year fix at 2.19%

Mortgage currently has 20 years left and I don't think we want to change the term.

OP posts:
HotChoc10 · 23/09/2020 18:39

I'd do 5 and overpay by the difference in interest (or more if you can afford it).

2ndAugust · 23/09/2020 19:35

I’d go for 5, you never know how your situation will change. What are the early repayment charges on a 10 year fix like? I work for a broker and we never do 10 years really.

Fallowdeerhunter · 23/09/2020 20:17

Glad I didn’t do more than three as my husband left me after 25 years with no warning!

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