To fix mortgage for 2 or 5 years

[ilovepuggies]

Is there anyone who can advise on whether I should go for a 2 or 5 year fixed. There is not much in the rates (2 year is slightly cheaper). I normally go for a 2 year fixed but I’m wondering if I should go for a 5?
Any advice welcome :)

Personally we have always gone for a 5 years fixed, if there isn't much between the 2 or 5 year deals.
We like to know where we are up to with our bills etc so we can budget for as long as possible.
I really can't see the interest rates rising massively any time soon as the economy needs to recover from covid 19 first.

5 years! We are going to have an evil recession and interest rates on mortgage will be going up to offset the hit the banks have taken on Coronavirus.

Definitely 5 at this point in time.

Might just be worth checking the mortgage is portable if you are going to commit to 5 years. We did a 5 year fix and want to move earlier than planned. If we move into rented we will have to pay a big penalty. If we just buy somewhere else we can port the mortgage so no penalty.

Can't imagine rates going any lower so a long fix seems sensible.

1. Goodness knows what will happen next. You might not even be able to remortgage after 2 years.

5 years.
What's your rate offered?

I remortgaged 2 months ago and went did 5 - I also
considered 10 but that was quite a jump in payments.

If it's portable, 5.

Interest rates can hardly get lower than they are now.

I'm in a 5 year fixed and cant wait for October as it goes down by 100 pound. Your my last house i owned we fixed for 1 years price was 500 quid per month 5.99 Apr. We set it for 2 years. After the 2 years we had a rate of 3.5 ish percent my mortgage went down to like 350 ish. Also r u planning on staying in this house as u can t move for 5 years if u fix for 5 year if u plan on moving fix for 2

Afterthought: if interest rates do go up, and you can afford it, rather than overpaying, you might be able to save the money and get more in interest on it than you're paying on the mortgage!

Thank you.

5 it is then. The rate is 1.6%.