Mortgage up for renewal- what do we do?

[CharlieWeasleysWife]

We have 60% LTV. Coming to the end of a 2 year fix (in May). Can hop on to a new lower rate right now, or wait to see if rates fall further in the next couple of months.

Can't decide whether to fix for 2, 3 or 5 years, not a huge difference in the rate on those products.

2 parent, 3 primary school age kid family. Earn well but have high outgoings. Trying to save and simultaneously enjoy life without guilt while the DC are still small. Fix feels right to give us some certainty, although we could go to SVR and then fix later in the year in the hopes of rates moving down again 🤔

Leaning towards a 2 or 2 year fix but interested to hear others' views.

Have you looked at switching to another mortgage provider to get a better rate? If you have and your current provider is offering the best rate, I’d be inclined to take the 2 or 3 year fixed rate

We have switched provider and gone for a five yr fix. I think rates will come down a bit further, but with two DC under 5, I prefer the security of knowing we are set until DD1 is almost finished primary, over a saving that might only be work out to be a fairly small amount in reality. Plus we've had quite a painful remortgage this time, where there was a cock up over christmas and we ended up on the SVR for a month which was £1000 higher than our usual payment. Really painful! I really cant face the pain of doing the whole remortgage process in two years time again 🙈

I always wanted the security and went for 5 year fixes. If I had a mortgage I think that's what I'd do now. And my last mortgage with nationwide the repayment terms in year 4/5 weren't actually that bad. I just didn't focus on what I could have been on ie. shorter fix rates or trackers.

Tracker. Interest rates are only going to keep going down, it's crazy to fix right now.

This is interesting - what makes you so certain? Analysts are certainly split at the moment on how things will likely go.