Would you fix your mortgage for 5 years?

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In the process of re-mortgaging; currently on 1.59% with Santander, but mortgage advisor seemed to be encouraging a 5-year fixed rate at 1.96%, due to uncertainty about rates/Brexit etc.

I've always stuck to 2 year deals before, as I feel a lot can change over the longer term.

WWYD?

I just fixed mine for 5 years - will hopefully see me through the disaster that is Brexit.

Yes. I renewed mine last Feb and tossed up between fixing for 2 and 5. Plumped for former. Regretting it ever since, I won't get such a good year when it's up next Feb.

We're in the middle of a remortgage and are fixing for 5 years at 2.48%.

As previous posters have said rates cant get much lower so take a good deal while you can

2-year is 1.65%, 5-year is 1.99% - but depends on LTV & valuation of house. Only £37 a month more to fix.

Last time we took an educated gamble that rates would stay low & it worked.

Have had a lot of changes in life, so 5 years is such a big commitment!

Also worth bearing in mind penalty fees and other restrictions if you want to / need to move during the fixed term. It’s actually very restrictive in terms of what you can do even if borrowing more rather than early repaying, e.g. need to take out other portion with same mortgage company and then can end up with two mismatched bits! It’s not to say don’t do it but just worth being aware of all the pros and cons.

Yes although if you're staying with same provider sometimes they let you take on a new product without early redemption fees.

I was thinking of getting in touch with my mortgage company and see if they'll let me sign up to 5 year one. No harm in asking. They've said yes before.

Hell yes, rates are only going one way. Fix for as long as possible.

Hi,

Was the 1.99% offered by Santander as a product transfer option? Or did your broker find a new deal?

Many thanks,
M

Finding this thread really helpful as currently renewing with Santander as well.

I want 5 years and DH wants 2. I know 5 is more money but I'd rather be safe.

For the first time we’ve fixed for 5 years as previously the rates where too high and stuck with two years. But this time was only 1.65% to fix for five years and about the same for two. Hopefully we will be done at the end of this. Happy days.

You need to be really sure you won’t want to move in the next five years if fixing for five years.

They are giving me 2.19 for 5 years which is loads more than OP! 😟

Good LTV etc why would it be more?!

Yes we did in Nov, move onto the new rate in may, it was 0.14% more than the tracker we were on but I'm worried about interest rises. Would have fixed for 10 years if the rate for that had been more favourable

I never fixed.
I'm happy with the choice I made.

We took out a new mortgage last September and fixed for 5 years on the grounds that rates can only go up from here.