New mortgage 5 or 10 year term

[Vivi0120]

So we are remortgaging at the moment and our % is doubling which is a huge shock but now I'm wondering whether to go 5 or 10 years I don't want to be in this position in another 5 years but what if percentages go down? The new mortgage is at 4% ... is it stupid to go for 10 years having in mind the penalty to repay early I 6% for the 1st 5 years?

We are not planning to sell but also the mortgage is transferable.

What do you guys think?

Even Martin Lewis is saying expect rates to bump along at this rate or higher from now on. BOE will raise again as inflation is still over 10%!!! Remember their ‘inflation is transitory’ bollox were they ignored it?
The last 18 years of low rates was the anomaly historically speaking. Now we’re heading back to normal rates. 4% is still low!
Banks need to lend to make money, hence their teaser rates of 4% to ‘buy’ customers and flog them other stuff.
Fixing now at 4% would be sensible (IMO).

I fixed for 5. I suspect a 10 year would leave me paying over the odds

I work for a Building Society. I would only fix for 2 years. Rates are expected to come down.

As usual you are pessimistic @C4tastrophe

Latest opinion from Martin Lewis is that although interest rates may never return to where they were in early 2021, the rates are likely to come down to 3% in 2024.

www.thesun.co.uk/money/21307627/universal-credit-martin-lewis-money-live-cost-of-living/

We fix according to our life circumstances. Our last fix was for 5 years, which meant we had fixed payments whilst we got through the expensive nursery years. Our current fix is for 10 years (taken out last year), as this takes us through to the children pretty much leaving school, on a large ish mortgage that we are unlikely to move from. We also took out a long term fix as interest rates were so low, there was really only one way they could go.

I see any marginal increase in monthly repayments because we went for a fixed rate as the price of security - I can guarantee how much my major expense is every month. That’s worth it to me, not the fact that I could shave a bit of it.

I can see the sense in a long term fix when rates are really low like under 2% but not at the current rates. Everyone's different of course.

We are due to renew late next year and are worried. ATM I think we are considering a variable but we will see closer to the time. I think if we were going to now, we'd do a two year variable. But rates are unlikely to return to the levels they have been imho and I think if you have that in mind fixed rates aren't necessarily the worst looking thing.

We managed to secure a mortgage offer in October at 3.4% which we taking up next month our payments are going up £400 a month. Its a 7 year fixed as 5 years and 10 years were higher.
It's pretty painful but my husband works in an ifa with a mortgage broker next to him advising us so felt pretty informed it was still a good option.