Which Mortgage Deal to go For?

[RifRafia]

I am really not very clued up on this type of thing, so looking for some Mumsnet wisdom!

We bought our first house 4 years ago, and have been with the Halifax for our mortgage on 2 x 2 year fixed rate deals since (also have current account with them). Current rate is 1.79%. Due for renewal next month, and they are offering us 2 deals - a 5-year fix at 1.8%, or a 2-year fix at 1.4%, which would bring our mortgage payment down by £50 pm.

Any advice on which to go for? Do these sound like good deals?

Thanks

I'd fix for 5 years. Interest rates aren't going to get any lower and who knows what effect Brexit will have.

If fix for 2

Five year

I'm on a 2.99 for five years (London, low deposit) and was pleased with that

How much equity have you got?

You also need to consider your personal circumstances. E.g. we fixed for 5 as DH isn't sure about his income in the near future and I'm considering a career change do a remortgage in 2 years' time could be very difficult. We're also hoping to weather the Brexit storm by fixing for 5 years. By the way, if you have a lot equity in the property then you're likely to get better rates in another bank.