How long is everyone fixing for?

[pinksunsets]

And why? Yes, I need to remortgage very soon and I'm so confused! Rates seem to have gone down slightly so would a 2 year fix be better? But then that would end around the same time as the possible General Election. 5 years seems like a bit too long but would see me through the madness. Would love to hear what others have done recently (and what rates you managed to fix at!). Thanks!

5yrs 3.8%

Wow, that's a good deal. Who is that with?

5 years. Managed to get 2.8 per cent - but offer was on the table pre truss

And yes I do feel immensely lucky

HSBC

5 years and I hate it. I'm working on the assumption rates aren't going back to what were abnormally low levels.

5yrs @ 3.8%

I'm old so feel like less than 5% was a great deal. Personally I don't think the rates will drop dramatically over that next couple of years. If I was remortgaging now I'd go for 5 years as much as it stings vs rates over the last few years, there's a lot to be said for fixed outgoings. There is a possibility of rising rates further in which you'd gain, there are reports of another rise happening very shortly.

We did 10 years at 3.08%. Managed to get it end of June when I saw where things were heading (had to pay to get out of our existing fix).

We'll only have 9 months of mortgage left at the end but I'm hoping to overpay so it finishes when the fix does.

Interest rates have been artificially low for so long & I think 4/4.5% is going to be the new normal.

Think that's the one we got with HSBC too, offer came through a few weeks before the Truss debacle!

10 year fix with First Direct at 4.04%
We were unlucky as ours expired in April, so the six months leading up to that were very volatile. The balance is £160k so hoping to pay most of it off in that timeframe.

It's now up to 4.44 I've been told.

I'm a little surprised everyone is going for 5+ years. I'm actually veering towards 2...

I feel so lucky we took a 5 year fixed out at 1.74% just last year. I am scared when it ends though.

I think we're going to have to fix for 5, much as I'd like to take the gamble and fix at 2. We know we can afford the repayments but we would struggle if they went up by too much. We have got 4.14% (hopefully, not put in the full application yet).

Remortgaged last April at 1.something% for 5 years - pure luck that was when the term of our previous mortgage finished. Wish I had fixed for 10y!
We recently borrowed extra for home improvements at 4% on a 2y fix. I couldn’t commit to 5 years at this rate - who knows what the rates will be by then, obviously hoping it will be lower.

We took out a 2 year fix last summer, at 3.1%. We are looking at possibly moving in a few years so didn’t want to be tied in for too long. If we don’t move we will probably be in a position to pay down some of the mortgage at term end if rates are still high.

I don’t know what I’d do now- there was a sentiment that interest rates would drop to pre-Covid levels in the future, but who can say when that will be?

I can’t see how households can manage much more rate hikes so my thoughts are that it’s unlikely we’ll see huge rises over the next couple of years but I could be wrong, I’m not an expert.

We need to remortgage later this year (or move!). Five year fixes are cheaper than 2 at the moment I believe... this is because the banks are expecting a fall in rates over the next 5 years. I wouldn't expect them to get as low
As they were before though

This question does not mean anything unless you specify LTV. Rates at 90% LTV will be vastly different to 60% LTV, irrespective of lender or term.

I fixed couple of months ago for 5 years at I think it was something like 4.17%

is a pain but I was too scared and interest rates were going up even after I fixed so I just figured at least I know what I paying for next 5 years

5 year fix. 3.99% from First Direct - after Trussonomics, but before the last interest rate rise. 16% LTV. I like the fact that First Direct allow unlimited overpayments. The fact we've been overpaying as much as we can in the last 10 years means that even though the mortgage rate is going up, our repayments are going down.

I remortgaged 2 products in last few months. It was before my deal was coming to an end but the first opportunity I had to fix something in place. Average across the 2 is 3% but between fixing the 1st one for 5 years and the 2nd one coming up for renewal things were chaotic and I was panicking and I fixed the second one for 10 years

I can absorb the increase. I am happy with knowing how much I am paying for the next 5 years on one and 10 years on the other and if goes below 3% in the next 5-10 years that's fine, I won't feel like I've missed out because it was a gamble I was willing to take for stability

If we want LTV it's 65%

2.79%. Pre truss.

Fixed for 3 years and think I probably should have gone for 5.

3.14 for 5 years last August. I'd think twice about fixing right now (but not certain what I'd do).

Remortgaged for 10 years at 2.29% secured June 22 to start Jan 23. Had to pay a penalty on previous deal though but did it for piece of mind.