2 or 5 years mortgage fixed rate?

[Mortgagedecisions]

My fixed rate is ending. I’ve decided to fix but can’t decide if I should fix for 2 or 5 years. I’m interested in what others are doing if you’re remortgaging now.

I guess the crucial question is - do you think rates will go down? I can afford a slight gamble. I’m possibly overthinking as many years ago I fixed at just under 5% for 10 years thinking I had a great deal and the 2% rates happened.

We’ve decided to do the same. We can afford to bank the difference (or overpay) between the tracker rate and the rate we’d be on to fix and we can fix at any time if things start looking too concerning. For the amount that we will save we think it’s worth the risk (which we can cover if necessary).

I will admit, it is a bit nerve racking but we’ve done our own ‘stress testing’ and would be ok even if there are a few hikes in the base rate.

Good to hear we’re not alone in our cray choices!

We compromised at 3 years at 4.9 % with Santander