Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Would you fix your mortgage for 5 years?

49 replies

PurpleFlower1983 · 13/10/2018 19:13

My current deal is coming to an end and I’m wondering whether to fix for 2 or 5 years. We don’t currently have plans to move but may do in the next few years as we are starting a family. We currently have a large 4 bed end terrace but if the right detached property came up in the medium term we would be interested. The 2 year rate is better in the short term but I’m concerned that with Brexit etc. the only way is up for interest rates.

OP posts:
Happygolucky009 · 13/10/2018 19:26

Yes I would....

Racecardriver · 13/10/2018 19:28

Absolutely. Interest rates can only go one way and there is a very good chance of a price crash (so consider that if it will make it impossible for you to move).

Fairylea · 13/10/2018 19:30

Yes absolutely.

CalamityJane10 · 13/10/2018 19:31

Yes, just check you can port your mortgage if you decide to move.

Muddlingalongalone · 13/10/2018 19:33

Yes definitely

jq28 · 13/10/2018 19:36

Yes 100%

Musicalstatues · 13/10/2018 19:37

We’ve just fixed ours for 10!!

Sunnyhazyday · 13/10/2018 19:39

Yes. There is only way the interest rates are Going to go.

CurlyhairedAssassin · 13/10/2018 19:40

We fixed ours for 5 years in 2014 as we assumed rates were due to rise imminently. That was completely misjudged.

But this time I think they really are going to rise more.

Kit10 · 13/10/2018 19:41

Absolutely!! Rates are only due to go up (unless Brexit does go tits up, likely) plus my biggest fear is what our valuation would be if Brexit does cause chaos, at least fixing for 5 years will hopefully ride out the imminent Brexit backlash and hopefully things may have settled by year 6....

Original poster
PurpleFlower1983 · 13/10/2018 19:46

Pretty unanimous so far, we’re just about to drop into the 0-60% LTV bracket so I will sort it next month.

OP posts:
Original poster
PurpleFlower1983 · 13/10/2018 19:47

Thanks for the advice!

OP posts:
WrongSideOfHistory · 13/10/2018 20:13

Definitely. I just have.

TooMinty · 13/10/2018 20:15

We just fixed ours for 10 years.

TheChineseChicken · 13/10/2018 21:18

Wish we had done this. We bought in May this year and only fixed for 2 years. Really regret that decision

Nettletheelf · 13/10/2018 21:26

You do know that expectations of future interest rate rises are built into the fixed rate you’ll be offered, right?

Pibplob · 13/10/2018 21:29

We did two years. So think it expires next summer. Not sure if we will regret not doing longer but the next option was 5 years and didn’t really want to do more than 3.

HellenaHandbasket · 13/10/2018 21:33

Yes, we did at the beginning of the year. Would have done longer were it available at the time.

feliciabirthgiver · 13/10/2018 21:35

If you can afford the 5 year rate then yes definitely.

redfairy · 13/10/2018 21:41

We have fixed ours for 5 and had 10 been on offer would have taken that instead. I think if you're offered an affordable rate which gives you stability and suits your personal timeline, why wouldn't you?

Original poster
PurpleFlower1983 · 13/10/2018 21:43

I’ve been offered a rate of 2.84% for 5 years which I think it pretty good.

OP posts:
NicoAndTheNiners · 13/10/2018 21:43

Yes, just have done.

NicoAndTheNiners · 13/10/2018 21:48

I got 2.14%, but we were accepted for that in early August. I think rates have gone up a bit since then. And our loan to value thingy is less than 5% so maybe we get better rates?

MadamePeony · 13/10/2018 21:49

We have two products. One fixed for 5 and the other for 10 years.
I'm very risk averse and like to know exactly where I stand.

Original poster
PurpleFlower1983 · 13/10/2018 22:25

I think I need to shop around as after a quick search I’ve just seen much lower rates between 1.5-2% for 5 years fixed rate. Think a switch may be in order.

OP posts: