Mortgage...how long to fix.

[Clairejay34]

Our fixed rate mortgage is due to end in Jan 2023 - we currently pay £660 per month. We had a meeting with a mortgage advisor today, the best he could get us with the new rates was £950 per month for 5 years fixed rate (5% interst roughly) or £850 for 10 years fixed rate (4% interest).
He advised to go for the 10 year one, we have 2 young dds aged 4 and 1 and he said the stability would outweigh the risks which I do understand.
But what if it interest rates drop again after 5 years and we are spending alot more than we need to be and it costs around 10k to leave the fixed rate.
What would you do? Any advice or maybe some points we haven't considered?
Thanks.

But surely they won’t increase rates too much? They must know that millions of people could lose their homes, including renters who’s rents will rise?
A cost of lives of living crisis and hundred’s of pounds being added to mortgage payments.

Of course they know that some light lose their homes, but it’s bigger than that as they have to stay on top of interest rates to curb inflation, or the economy will rank and it will be worse for everyone. There’s also a lot of money around many who own houses so the interest would have to go up a lot to hit the majority. For example I don’t know anyone who would actually lose their house of interest rates went up another 2%. Most of us can take it.

Overthebow- my mortgage will go up a minimum of £300 a month. What about landlords who have to increase rents? Lots of people haven’t got £200 or 300 quid a month spare. On top of everything else.