2yr or 5yr fixed mortgage?

[Lubilu28]

So our mortgage has come up for renewal and I’m unsure on what length to fix it for. It’s around £50 cheaper to fix for 2 years but if there’s a chance the interest rates rise, I don’t know whether to fix for longer.

Also our property value is definitely more than what they have written down do you think there’s any point in getting it re valued?

Also our property value is definitely more than what they have written down do you think there’s any point in getting it re valued?

If it would mean you'd drop down to a cheaper LTV rate, then it might be worthwhile - we have just remortgaged and as we are already at the lowest band equity-to-mortgage the house valuation being lower was not an issue as it did not affect our LTV. You need to know if they'd charge you for a revaluation too, that might mean it's not worth paying out if the valuation charge is high. Our house valuation - with the same lender as last time - was less than 2 years ago. I think that mortgage underwriters are being cautious about house values.

We fixed for 5 years this time as I prefer the certainty going into a period of recession. Job loss/redundancy could be a real problem if we needed to remortgage, so I wanted a longer fix this time round. Who knows what the financial landscape will be like in 2 years?

I would fix for 5 years for certainty.

I would fix for five years just for certainty and peace of mind.

Interest rates are so low, still, that I would fix for as long as you can.

5 years for sure. You'll only have to spend more money in 2 years sorting it again, and as others say interest rates are likely to rise to fix 5 years while you can. It's only £50 a month which in the grand scheme of things isn't much

Five years while the rates are low.

No way would I consider 2 years, 5 years absolutely. This question keeps coming up but unless someone is moving in the next 5 years or likely to move, then fixing for 5 years for certainty and not paying another product fee is surely the way to go.

I kept with the same provider for a while as they do have the best rates and they always have a fee offer so I’ve never paid for the product fee. I think I will stick with the 5 yr and then once that’s ended borrow more to do the loft.

I would fix for 5...interest rates can hardly get any lower.

5 years.