Beginner question about mortgage fixing

[Arrrghh]

Hi, I’m buying my first house. I’m getting a 90% mortgage, and I’m trying to decide whether I should fix it for 2 or 5 years.

On the one hand, the thought of interest rises terrifies me because my mortgage is v.big and I won’t be able to afford to keep paying it if rates rise by much. So, maybe fixing for 5 years is wise to give me time to get onto a higher salary (not that I will ever be a high earner, am public sector pay scale, I’ll max out at 50k) and for house value to increase.

On the other hand, in the short term, fixing for 2 years will give me lower monthly repayments and give me spare cash to do the house up and have a better quality of life generally (which I really want, esp after coronavirus and being stuck in a flat).

I really want to go for the 2 year fix and have extra in my pocket each month, but the worry about interest rates holds me back. The internet tells me that interest rates might go up in 2022?

What do you think would be wise in my situation? (I am speaking to a mortgage broker on Monday by the way but I just wondered what financially savvy mumsnetters think?)

We fixed for 5 years and I wish it had been 2, because the house needed more renovations than expected and I would have preferred to remortgage and release some equity . Can't because of the fix.

Look carefully at the fees. £100 a month is a very big difference, but does the 2 year fix have a much higher fee that means it’s not as good a deal as it looks?

In my case I did a 5 year fix and a 30 year mortgage to get the payment as low as possible but also as certain as possible. I plan to overpay in future to pay off sooner. The tip about the LTV is good.