Fix mortgage today - 3 yrs or 5 yrs?

[Flowers024]

Just that really, if you were fixing your mortgage today, would you go for a 3 year term or a 5 year? Difference pm is about £20. So hard to know what to do!!

I would fix for 5 years at the rate things are going. Disclaimer: I am by no means an expert!

I'm having the same deliberation right now, but between a 5 year or a 10 year.

I don't think I'm optimistic about rates being lower in 3 years time than they are today

We went for 10 years.

We went for 7 years. Fixed a few weeks ago.

That's what I'm leaning towards.

£20 a month more than the 5 year, but with some long-term security.

Do you plan to move? Can the mortgage be ported?

Overpayment allowed?

If the mortgage suits your needs lock in for as long as possible. Rates will only go up in the next 5 years.

Longest you can get.

Ten years

5 years. We always fix for 5 years.

As long as you can possibly get

Can I ask what % you are fixing on? Or what is a good % to fix on right now? I need to decide too but lowest have been offered is 4.8% to fix which seems really high.

Thank you!

Looking at a 10 year at 3.49% or 5 year at 3.28%

we're remortgaging now. very little to choose between 2/5/10 year rates for us.
we're opting for a 5 year fix at 3.7%. I feel like I can say confidently we'll be here is 5 years. 10 years harder to predict and bigger/longer exit fees.
I should add though that my mortgage is small (not showing off - it's a very small house!) and so am not massively rate sensitive.

I'd go 5 (and did myself recently). 10 is quite a lengthy commitment, so needs careful consideration. 3 years is too short.

In my case I've made sure the mortgage is portable, so we can move house without penalty.

I'd fix at 5 for the longer term certainty ( fixed at 10 myself)

Five definitely, I fixed last year and am very glad that I did!

We've just been offered a 5 year fix at 3.29% so we're going for that one unless our current lender can beat it. They don't release their rates until 10 weeks before the fix ends so have to wait 3 weeks now to decide!

We fixed for 10 years back in April. The rate was under 2% then!

So in your case, as long as you can ie 5 years or even better 10 👍

I think this decision has to take your own life into account as much as anything else.

I bought (on my own, after splitting with ex) this year and fixed for 5 years. By then my children will be adults and I will reassess my life. But for the next five years I'm fairly confident I can provide a stable home.

Good luck OP.

I'd go 3 years because a lot of what is wrong currently is getting priority to get on top of eg inflation .

10

5 years. Mortgage company wanted me to fix for 10 years but I felt that was too long. A lot can change in 10 years whether that be interest rates or personal circumstances.

I think in 5 years time things will have settled down a lot.

Try to pay off slightly more than your monthly payment then you won't pay as much interest over time.

5 minimum definitely I’d say.

I just went for 2 years last week. In my opinion, BOE can't keep the rate that high for long because the gov is paying the interest on the debt. The UK debt level is double or more than 1 year ago. Also, even the interest rate is high after two years, I can make enough savings to pay off a significant amount of my mortgage, so I won't need to worry about the repayment.

But everybody has different situation, so you just need to make the best for you.