How long is everyone fixing for?

[CatCobain]

If you have recently re mortgaged / are remortgaging soon, how long are you fixing for?

Our 1.25 % (!!!) deal is ending in March. We've just fixed for 10 years at 5.2% at DH insistence because he is very nervous about future price rises and wants the stability. It feels like a long time and obviously everything could be very different by then. It's our first time remortgaging and I'm really not sure. What is everyone else doing?

I remortgaged last year and went for a tracker as I didn't want to fix.

I can understand people going for shorter fixed rate deals of say 2 or even 5 years but I think a 10 year fix is crazy!

We are having to remortgage in June next year which I’m very nervous about. Thinking of 3 years fixed. There is no way I would fix for 10.

I think he is worried because if they go any higher then we would be under a lot of pressure financially. Personally I think we should fix for five to keep it stable until both of our kids are in secondary school, we'll likely have more money then anyway. I do think interest rates will get worse before they get better, but who knows.

Our similar 5 year fix ends in January. I've never fixed that long before in 35 years of having a mortgage but rates were so low it made sense. We will have less than a year to go so will just pay it off but if we were remortgaging I would go for a 2 or possibly 3 year fix.

We are in a 5 year fix now but did debate a 10 year. As we did 10 previously was great for us in all that time it never really came down further than we locked it in for so was well worth it for us. We like stability.

We’ll be remortgaging this month, we’re going for 5y. Having to pay 3.5% more than our current rate which feels painful but I think in 2y it might be more still and we can afford these payments so locking them in feels sensible.

We fixed our first mortgage for 5 years in 1997 at 5.7% and then interest rates came down and I was annoyed for four years! I’d have been really annoyed for 10!

interest rates are high because of inflationary pressures. As far as I’ve read, most of these are caused by the war in Iran and the price of oil. There is every chance that this will get dealt with by the new regime in the us over the next year or two, so I may well be that rates go up and then come back down. 10 years is a long time to lock in at high levels, you’ll be stuck for an entire economic cycle!

i’m at the other end of the spectrum (because of age rather than anything else) and we’re locking into some 10 years government bonds paying 5.3% Pa with our savings because they seem an absolute bargain!

We fixed for 10 years in 2023.

We considered fixing for 10 when we remortgaged earlier this year, mainly because I regretted not doing that last time round when we had 1.3%. 10 does feel long though and so we went for 5. We managed to get 3.99 which, tbh, already feels low so I hope we don't regret it again in 5 years time! None of us can see the future though, I think you just have to go with what feels right at the time and then just forget about it

We did a 10 year fix for 3.08 when Liz Truss was fucking about with everything. So pleased we did as we're ok now & only have 18 months when it finishes until the mortgage is paid off.

My friends thought I was crazy as I was on a cheaper deal but it panicked me how bad it could get. Im pleased I did it now!

We fixed for 3years at 3.1 but because we want to pay off a chunk when it’s up and then we will fix again.

We are going to do a tracker

I like stability but I don’t think I’d have fixed for ten. I’ve just fixed for 5.29 (coming off a 5 year fix at 1.75 🥲)

We fixed at 1.75 for 10 years in 2019. I thought a 10 year fix was a strange decision at the time but left it to DH as he works in finance. Turned out to be a very good decision.

CatCobain, you've got every right to feel wobbly about a ten-year fix when it's your first remortgage. What most of us end up doing is weighing the peace of mind a longer lock-in brings against how tied in it leaves you, and there's no obvious right answer - most posters here are landing somewhere between two and five years, so whatever you two pick is a proper trade-off rather than a mistake.

Our 5 years fix is ending this month and we're going for a 3 year fix. The mood music seems to be there will be rises in IR over the short term, but should start to settle and come down. I wish I fixed for 10 when I did the 5 year fix.

We remortgaged at the end of June and fixed for 5 years.