WWYD Fixed rate mortgage - 2yr or 5yr?

[Zola1980]

We can secure 5 years rate at 2.49%
2 year rate at 1.74%
Difference in payment is only £80 a month.

Crystal ball time - would you lock in or risk the 2 year and rates not going up much in that time?

I've had 2 year deals for 16 years and always got a favourable deal when the previous one ran out. My IFA (who I know and trust) never recommends 5 yr deals. If you look at the overall interest you pay, the base rate would have to go up massively for the last three years to be beneficial to you.

Go for 2 years now, change in 2 years time.

Just done a 2yr fix. But looking at total remortgage in 3-4 years.

I'm risk averse so I always go for 5 years. I would rather pay a bit extra for peace of mind. I would only go for the two years if it is likely that I will want to move home before the five years is up.
People might say that interest rates would have to rise massively to benefit from having a five year fix but I bet there were loads of people in the 1980's who regretted not fixing for a longer period when they ended up paying 17.5% interest on their mortgages.

What's the standard variable rate?

Are there any fees? That might make the difference between which one is better value.

And not forgetting that if you take a 2 year deal and want another deal in 2 years time you will have to pay a 2nd set of arrangement fees.

I think it depends on your circumstances. We were in the same boat as you 18 months ago. We went with the 5 year as we had just started trying for another baby, and wanted to know exactly what our payments would be while I was on mat leave and then having 2 in childcare for a bit. If you're otherwise comfortably off month to month and could afford a rates increase, I might be tempted to take the 2 year one however.