Was fixing at 5 years rather than 2 a mistake?

[Orangebaguette]

Just fixed for 5 years. We have a low LTV so the rate is just over 5%.

It would’ve been £200 more a month to fix for 2 years - but maybe everything will be cheaper then?

We are due our first baby this year so thought it would be nice and predictable until they’re at least 4 and nearly in school.

I did ,
but can't advise you personally
You want an independent financial advisor some of them are cheap

No one has a crystal ball, however the very low interest rates that were around before Truss came into power were an anomaly.

If you’ve signed the paperwork stop ruminating and second guessing yourself. It’s done!

You made the decision for a reason. In two years they could be higher or lower, no one knows.

Enjoy the fact you know exactly what you’ll be paying for the next few years and stop second guessing yourself :)

You have given yourself 5 years of certainty. That's good, and not a mistake.

Given that you want certainty for the next 5 years you’ve done exactly the right thing

I did it last year, I'm happy with my decision. I can afford those repayments and don't have to worry about it for ages.

No mistake, because it's giving you the certainty of your outgoings on your biggest bill for 5 years. That's a very good thing.

I think most on here would agree with me that the years you’re heading to with a young child are very expensive when you factor in childcare costs etc. In my opinion, knowing your outgoings (and more importantly, that you can afford them!) is exactly where you want to be. I wouldn’t worry about what happens. You’ve fixed at a rate that’s affordable to you heading into an expensive time of life 😊

We fixed 2 years ago for 10 years knowing that we had a then 1yo and potentially will have about her child in the future. 10 years should hopefully see us through until any children start school.

Rates have never been as low as they were and aren't likely to be again. An extra £200 a month is a lot over 2 years and mortgage companies will take into account childcare costs in terms of affordability etc. Wise move.

We signed for five year before Xmas. It was an extra £200 than we were normally paying which as I had it in my head it was going to be £500 or more I was happy. I like certainty and this gave me five years of it.

Things go up and down all the time. I cannot spend the next five years fretting if it goes down.

the way things were it looked bloody awful thanks to that seriously incompetent woman aka liz truss.

Fixing for 5 years is a peace of mind IMO as no one can really accutrael just financial markets

You also need to consider that in two years you don't have to pay another arrangement fee or worry about any affordability assessments.

I agree that 5 years of certainty was the best decision in your circumstances.

Sounds reasonable. You wanted certainty for budgeting and have that. The era of low rates is over. With a two year fix, the remortgaging costs come around quicker and you have to take account of that as well.

The rate you've fixed at is lower than the average over the past 30 years, so I'd say you're good. And you have certainty of knowing where you stand, at a time when that will be really helpful for your family. That doesn't sound like a mistake to me.