Fixed mortgages... 2 / 5 year

[MaryPoppinsBag]

We are moving house and debating whether to get a 2 or 5 year fixed. We are going for a no fee option.
It's a 20 year 100k mortgage.
2 yr is £473 & 5 yr is £569.

WWYD?

2 year and overpay by £100 a month (or more if you can afford it).

How much would interest rates have to rise by to get to the £569/month figure?

Look at how much the renewal fees are, we got a five year as the price to renew a 2 year was nearly £1000!!!!

Having said that what with interest rates staying so low we would have been much better off with a tracker.

Whoops should have read the no fee bit

5yr or 10yr if going for fixed. Over 2yrs why not a tracker?

Rate would have to go up by 0.29%
So we will take a two year out and overpay. Cheers

Only 0.29?

I think I'd go for the 5 year fix

Plus I'd be checking what rate you drop onto after the fixed period, is it tracking BOE base or is it up to bank to decide

So basically that's only just over one quarter of a % interest rate rise, which isn't much. I think I'd go with the five year fixed, esp if you know that you're not going to move in that time.