Remortgage advice

[Livvyliv18]

Hi
My 5yr fixed mortgage is up for renewal next month.I’m just wondering what everyone else is doing my position?
Are you fixing for 5 years or longer ? Also any recommendations on mortgage brokers?My current rate is 1.65
thanks for any advice

Ask your current mortgage provider what their best deal is.
Compare deals via L&C website.
Personally, I would fix for at least 5 years. With food and energy prices going up it gives you that security for your largest bill.
Overpay if and when you can.

We've just fixed for 5 years. Best we could get was 2.45% which was higher than hoped but all things considered I would rather have a safe bet.

I've just fixed at 5 years

mine is fixed for five years , i did nt go to ten as i am hopeful in five years things might come back to bit normal. Again its your attitude towards risk. some banks do flexible mortgages where you can fix for five years and can walk out if rates goes down but continue for another five years at same rate if you wish to

Definitely fix, it’s only going one way!

You’re unlikely to get anything below
3% for a 5 year fixed . Have a look at some of the mortgage best buys and see what is available.

I fixed for 10 years. Lost out financially compared to if I'd done variable or tracker but gained in peace of mind

Fixed for 5 years, hoping to overpay more during that time to be left with only a small amount owing... If I had more to pay off I'd have gone for 10 years. I can't see rates coming down to the same extent again during the lifetime of our mortgage.

We’ve just fixed for 5 years 2.99%
we were previously on 5 years fixed 1.2%😔

I have just fixed mine for 10 years with Nationwide

We’re in the same position but have been burned by five year fixes with poor rates before and really ended up paying too much. Thinking of going for a two year and will evaluate then. Also want to flexibility if not being tied in with a large, long early repayment charge.

Ouch. Not looking forward to it when our fix ends.

We went for a 10 year fixed, but it was a few months ago so the rates were a good bit lower.

What rates are they offering you over 2/5/10yrs?

Also just fixed for 5 years at 2.75% but an arrangement fee of 1.5k which is really bloody annoying. Single parent though and as with everybody I need the security of the fix for a while.

We’ve just fixed for 5 years at 2.36, previously had a fix at 1.56. Annoyed I didn’t start the process long enough before rates started to be hiked, but at least we locked into a rate before the latest one.

I have always done badly on a 5 year fix but for me the risk of rates being even higher in 2 years was too much to take (we’ve got a pretty hefty mortgage).

Op I've recently gone through this process in June and I advise you to move on this as quickly as you can, because all the good rates have been or are being pulled.

On advice from our mortgage advisor, (we've used for 20 years) we fixed for another 5 years and even paid £300 to hold the offer at that rate until we need it in October. She said they were generally looking at clients options much earlier - 6 months - before the mortgage was needed, because the current rates were prone to being pulled with 24 hours notice. I was quite quick getting all our paperwork to her, but in the 48 hours it took, the first rate had gone, so we had to settle for another, which was thankfully only .01% more.

It felt a more pressured environment than usual. If you'd like her details you can DM me. They are based in SE England, but tbh I do it all over the 'phone anyway.
Good luck.

mine Is up soon. Looking at an increase in monthly payments of over £200 on top of all these other risers. Some people will be on for a big shock when their rate runs out. I was!

I agree @Doris899 . I have been trying to encourage my friends and family with mortgages to look at theirs and see if it's up for renewal soon. A few % extra in interest rate can make a significant difference.