Remortgage to 5 year deal or 10 year deal?

[ToofFairy]

I know none of us have a crystal ball and it's impossible to say what will happen in the future.

But we are looking at remortgaging and can get a similar rate (about 1.8%) on a 5 year fixed deal and a 10 year fixed deal.

Which one would you go for? What do you think is likely to happen to interest rates in the next few years?

Definitely fix for 10yrs.

I'd also go the 10 yr. the only thing to remember to check, is if you can port the mortgage of you decide to move, otherwise you'll get stung with penalties

Depends if you plan on moving house and what your current LTV is. Personally I wouldn’t fix for 10 years at 1.8%, I’d fix for 5. Things will be turbulent for a couple of years but we’ll have reset in 5 years time.

LTV is 50%
No plans to move.

Only way I'd fix at 10 years is if that's all I had on my mortgage left. So many things can change in that time.

I would do 10 years for sure. I remember interest rates being 12% and I thin we are heading that way. 1.8% is a good rate. I'd try and make sure I had a mortgage which allowed me to move house though...my current one is one of these

I've had a mortgage now for 32 years and I can't ever recall the interest rates being as low as they are now

10 definitely.

If your not going to move and don't foresee a reason you will be forced to move I would fix for 10 years

10. That’s a fantastic rate.

Thank you all for your responses.

@ToofFairy

LTV is 50% No plans to move.

I'd probably stick to 10 years if you want the security.

Check the repayments at 1.8% vs 1.2% and 3%. If 1.2 isn't a significant saving then I'd stick to 10 years.

Considering how costs are changing know what I was paying for my mortgage for next 10 years would be peace of mind for me! I think interest rates are going to go up very soon!

10 years, as long as it's portable in case you need to move.

I can't see rates going any lower for some time, and think they're likely to creep up if anything, in an attempt to control inflation (which I think will be futile, because the inflation we're seeing is driven by costs increasing, not demand, but it's what Tories tend to do).

10 without a doubt. We fixed 3 years ago at 2.69% thinking that rates would only go up. Obviously as yet they haven’t but due to rising fuel prices etc am glad we know where we are for another 7 years.
I think they will only go up now, so unless you’re planning on moving in the near future I’d take the chance on 10 years.