Tracker or fixed term mortgage?

[trrk]

For anyone who has applied for a mortgage in the last few weeks/months are you going with a tracker or fixed term mortgage? I have been getting conflicting advice on this so was just wondering what the current consensus is about which is a better option at the moment?

Our purchase fell through so we’ll need to redo our mortgage, but fixed term. Tracker rates are horrendous right now and we’d rather have the certainty.

Thanks for the response! We are in the same situation - just about to reapply after our initial one fell through. Are you fixing for 2 or 5 years?

We moved to fixed. Our deals (we have 3!) Ended late last year and one is in month 1 now. We fixed 2x for 5 years and the smallest mortgage we have (around 20k for home improvements a few years ago) we fixed for 10!

We went fixed term for 5. It wasn’t worth the risk for us.

If you know you are staying you’re probably better fixing. I didn’t in Dec but know I’ll be moving and didn’t want to pay a penalty.

Five I think!

5 year fixes are looking cheaper than 2 year fixes at the moment. It has got me thinking.

We also have 3 mortgages. We fixed the first two mortgages on a 3 year fix at 3.68% back in October. Sadly this rate isn't available anymore. The 3rd mortgage will need fixing in the next couple of months or else we shall end up on a nastily high SVR. We are contemplating going for a 2 year or 3 year fix, not sure yet.

We definitely don't want to go for a 5 year fix as we want to have some security of knowing our payments but also knowing there is some flexibility not too far in the near future.