How long are people fixing their mortgages for?

[TellerTuesday]

Current fixed rate ends at the end of October, I can change deals from Monday but unsure how long to fix for.

LTV is approx 40% so a lot of equity with 14 years left on current mortgage.

Part of me wants to fix for 10 years but is there a chance that the interest rates will drop after the cost of living crisis similar to what happened in 2008 ish?? Not sure if I should go with 5 instead.

I would fix for 10 years if you are planning to stay put and there are no major risk factors. Just check the early repayment charges are competitive as they vary quite a bit. I doubt rates will be lower in 5 years but they'll almost certainly be higher in the intervening years. If you are comfortably able to afford a 10year fix I'd do it - but I'm risk adverse as we are near the edge of affordability and have some upcoming expenses.