Offer accepted - what mortgage to go for?

[Ginplease29]

We are first time buyers, offer accepted and complete chain so need to choose our mortgage. We previously had a mortgage agreed for a five year fixed rate but the purchase fell through and we have to start again.
With the current rates, I no longer want to fix for five years. All the fixed rates are a lot more expensive than before. We are going to get advice through a broker but I’m wondering if a tracker would be better? The rates I’ve seeb are £300+ cheaper than fixed but obviously this could rise etc. just wanted to get peoples opinions.

What sort of figures are you looking at here, what is your deposit ltv ? I personally would not go for a tracker but it depends on circumstances if you are ftb with 5-10% deposit dont do the tracker fix you will be paying down the capital. Honestly I would just be tempted to fix as long as possible.

At the moment I would go for a tracker. Most don't have exit fees if you want to swith to a fix later. Not sure that interest rates are going to rise as high as people think, though probably will increase 1% next month.
I would probably think about fixing in 2-3 years. Depends on your attitude to risk.

I’d personally go for a tracker then reassess once things stabilise. The rates are predicted to peak at just under 5% currently(although this changes daily atm) they should then start to fall back slightly if inflation drops and we are in recession.

what rate are you being offered? If it’s 5% or under then consider fixing, otherwise wait and see. Unless you want the security. Sorry I’m not much help, it depends on your attitude to risk.

Thanks so much for replying, our LTV will be 85% as we have a decent deposit due to some inheritance. I am tempted to opt for a tracker but I don’t know a lot about mortgages, only what I’ve researched online.

Look on Moneysupermarket, that’s how I found the best deal. Then rang my broker

What is the difference in interest rate between the 2?

We did exceedingly well out of trackers, but interest rates are currently a different beast. I think I'd fix if less than about 2% difference between the 2.

We had the same dilemma and have gone with the tracker. Have always fixed previously but there was a 2% difference and we didn't want to commit at that for 5 years. And to fix for just 2 years was even more!

Nobody knows what's right as it's so hard to tell how it'll go - but I'm at peace with our logic! I also noticed today that the fixed deals offered by our lender have reduced slightly which seems positive. There's no ERC for coming off this tracker so we'll see!