Do I got for a longer mortgage term in the spring?

[NeverHomeAlone]

I know I'm a little early on this, but we are due to remortgage in the spring.

Our LTV will be about 53% then. Our current deal is 1.5%, at this rate we would pay it off in 26 years. We've only ever taken out mortgages over 2 years fixed, is now the time to look for something longer?

We don't have any plans to move or extend. We would like to take out an extra 10k or so to sort out the driveway but no other works planned to the house.

Any advice much appreciated.

You can remortgage 3 months before it’s due to expire.
I’ve always only had 5 years fixed, I wanted the certainty I was going to be able to pay.
I’m not sure what the markets are going to be like in the spring, but I’m assuming low interest rates are going to be a thing of the past, 1.5% is very good.
Do you overpay your mortgage? When I remortgaged, they took the overpayment into consideration and that considerably lowered my LTV.
HTH

I do overpay, but sporadically, not a fixed amount each month.

We usually go for the lowest rate which tends to be a 2 year fixed but this week we did a switch (current rate doesn't actually expire until end of Feb next year) and we chose a 5 year fixed rate. Was less than 1%

That's a great rate!

Do you mind me asking what your LTV is and which mortgage provider that was with?

Just chose a five yr fix too, with YBS. Great rate, great company.
Went for 5 yr as can pay off (overpayment) 50% each year!
So when I win the lottery it won't take long to leave fee free 😉

@NeverHomeAlone

That's a great rate!

Do you mind me asking what your LTV is and which mortgage provider that was with?

About 55% ltv with Nationwide. There was a 999 fee which we added to the loan but everything I saw had a fee to be honest. We've been with Nationwide for a while. They always offer us a really good switching rate. We usually choose a 2 year fixed but wanted to fix for longer this time as I do think rates will slowly start to rise in the next year or so. We switched to a 5 year fixed but knocked a year off the term at the same time and the difference in our monthly payment was only about £2 to £3 a month. This is the first time they have given us the option to reduce the term when we fix and I could do it all online this time. Took about 5 minutes!

I've fixed with Nationwide for 5 years too, on a rate of 1.04%. LTV is about 37%.

I think interest rates will start to rise.

I can repay 10% of the total original loan off annually.

They have a really good app, which shows how much interest is accrued every month - I try to pay this off as an extra.

That's fab! I will look into it, thank you.