Should we fix our mortgage?

[Gardenflow]

Our agreed fixed rate is coming to an end in the next few weeks; I believe we should fix it for another 2 years for 4.5% as the variable is 8.5%; however I am wondering if interest are going down in the next few months? We are doing an over payment to reduce the debt, but will still have around £80k debt depending on how much we pay.

Yes

I'd be tempted to fix for 5 years tbh if the payments are affordable. Our mortgage is due up in 2025 and I am not confident rates will be lower than where they are now given the headlines this week. How much is the 5 year fix?

I'd fix girls five years rated aren't expected to drop much in two years. Bought in May 21 and fixed for 10 years

Should say five years

I'd also fix for 5yrs, the rates just seem to be rising.

Thank you. 2 years fix rate is 4.9%, variable is 8.9% and 5 years fix is 4.4%

We will fix it but deciding whether to do 2 or 5 years

Those rates give a little hope that they are still hoping they will reduce, but if the 4.4 is affordable to you I would jump on that, not that any of us can predict, but I really don't think rates are going to settle much lower than that even when this crisis is over. If they do, you could always weigh up the ERC cost against the rate, but for me piece of mind is worth the money. I'm biased though because if I could guarantee rates were 4.4% by the time we come to remortgage in 2025 I'd be very reassured! I'm still stress testing 7%+ on my financial spreadsheet!

Those are really good rates you've got there, personally I would do the 5 year fix.

We've just fixed for 5 years at just over 5% as we wanted the pave of mind and we can afford the payments.

Thank you all for the advice. I don't think the economy is going to recover that quickly; we are on a fixed of 1.3%.

Grab the 5 year fixed with both hands!!!

I would fix at 4.4. Think rates are going to go up and then come down again over the next 5 years but I'd be surprised if they go lower than 4.4.

That’s a great rate where is offering that?

Current market estimate for base rate is to hit 6.5% by end of the year. Depends on inflation but that's the picture at the moment.

We just remortgaged as our 2 year fix had come to an end. We went for a 5 year fix, mostly for peace of mind in that we know exactly what we will be paying for the next 5 years. But tbh, the way the interest rate is going, I'm glad we went for 5 years.

We fixed for five years, 4% in May (new deal from Oct). I work in financial services and wanted the peace of mind over the next five years that we could afford payments rather than watching the markets like a hawk like I have done for the past year. Will I regret if it there is a recession, yes, but that's a big if and I'd have seriously regretted getting a variable with what's happening atm.
Also didn't want to pay a grand for a deal then pay another grand in two years time if rates are still similar

Aren't rates nearer to 6% at the mo?

fix for 5 years. boe will not be dropping from it’s current point for years.

I just fixed at 4.75 for two years. We moved two months ago and we're in a tracker as broker said rates will go up but will come back down, then when the rate went up again for the second Time since we moved, they contacted us and said to fix. Part of my mortgage is on a 5 year fixed at 1.74% for another 2 years but the new part is 4.75. Too risky to leave it.

HSBC often undercuts base rate for existing customers on low LTVs - I fixed mine in advance for 3.9 (5 years) when boe rates were 4+

5 years for sure.
Rates coming down will take many years, not months!