To pay higher interest rates for peace of mind?

[viktoria]

I am worried about what is going to happen to the UK economy over the next couple of years.
We're about to re-mortgage and are considering a 5 year fix. We have always fixed our mortgage rates and have always ended up over paying. Literally every time we fixed the rates, interest rates continued to drop.
So, of course nobody knows what's round the corner, but after years of thinking "surely rates can't go only one way and that's up" what are your thoughts?
Fixing for 5 years and potentially being locked in a higher rate, but peace of mind
Or
Fixing for 2 years, paying about £120 less per month and hoping for the best?

When interest rates do go up (which won't be for a while) it will be very slowly.

Fix for 2 years but overpay to at least the amount you would pay on a 5 year fix, or more. You could even figure out what your repayments will be if interest rates leap up 3% (very unlikely) and overpay to that amount. That way you benefit from the low interest rate but also protect yourself from the consequences of rises.

I always do this too.

That said, they cant put up interest rates too fast or thousands of people would lose their homes.
It happened before in the late 80s when they went up to 15% or so and thousands of people lost their homes

We just fixed for 5 years, and just after we found out we were expecting DC2. It's worked out quite well as when we come off the fixed rate we'll be at the end of expensive nursery bills so should have a bit more disposable cash to cover any rate rises. The 5 year interest rates were also pretty reasonable so we thought it was worth it.

We've been on a tracker for the last 9 years which has been great, only ever gone down. However we're just about to move and take on a much much bigger mortgage, we've gone for 5 year fixed for peace of mind as rates have to go up at some point.

Our 2.2% 5 year fixed rate is about to end. We have about 12 years left on our mortgage. We debated a 10 year fixed last time but will do another 5 when it's time.

Is it the best rate you can find? We just fixed for five years at 1.9 via a broker, no fees

We just fixed for 5 years. 2.1% and our previous 2yr fixed was 2.1% so no real difference from what we're used to. We could have gone lower in a new 2yr fixed but I like the comfort of the next 5yrs being fixed as it gets all our kids out of full time childcare and we should also be in better career positions to then lower the term or go with the risk of variable. I'm very risk adverse though!