Fixing mortgage

[eyesbiggerthanstomach]

I know I shouldn’t take financial advice from the internet but any suggestions on what I should do in terms of fixing my mortgage. I have the options below. I may wish to move within the next 3 years or so but I understand these are portable although the advisor did state this is always subject to change. Which should I go for?

These are through a broker btw, all with Barclays which is coming out as the cheapest. I am also securing in from now even though the fixed rate ends in February.

2 year fixed – 3.13% with a £999 fee (can be added) = £1002 pm

3 year fixed – 3.30% with a £999 fee (can be added) = £1023 pm

5 year fixed – 3.15% with a £999 fee (can be added) = £1005 pm

Thanks

Bump!

Nobody here knows your attitude to risk, or your background financial situation.
I would recommend that you post again describing your own feelings and reasons about each option - and I expect you’ll find you answer your own question 😉

I posted a detailed reply this week to a similar 2/5/7 question… in the end, the poster said, “2 feels too short, 7 too long, I’ll do 5” (very Goldilocks)

If you explain what’s going on in your decision making - you’ll find your answer.

I’d go for the 5 year fix.

How firm are the plans to move in 2-3 years? If interest rates are at 5% by then, would you still move?
If moving is almost certain, I'd probably fix for 2, take the hit on SVR, then move. If moving us a nice but not necessary, I'd probably fix for 5.

Even if it is portable it can be tricky to meet all the criteria, if you are planning to move in three years I would get no more than a three year mortgage.

Thanks all. My house is small only 2 bed, but in a nice area within walking distance to town. It’s just me and my child who has just started school. I am likely to want to move on the first of the following i) a big pay rise at work ii) secondary school application time. My mortgage advisor said we are in the eye of the storm at the moment so 5 year isn’t a great idea and he thinks it will come under control in 2-3 years time. I’m not so sure!

It is an interesting time and some think inflation and interest rates will come right back down in 2024. I think it's unlikely we will ever see the interest rates we had last year again but these things are very hard to predict.