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Original poster

How long is everyone fixing for?

70 replies

pinksunsets · 28/04/2023 18:10

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!

OP posts:
Original poster
pinksunsets · 30/04/2023 18:00

Very jealous of all these low rates everyone has secured! But happy for you all!

OP posts:
Alarae · 30/04/2023 18:03

Remortgaging in two days for 2 year fix at 4.1%.

I didn't want to commit to a 5 year as I feel rates will fall by 2 years time. Not banking on anything sub 3% but anywhere close to it would be nice!

Original poster
pinksunsets · 30/04/2023 18:07

That's what I'm leaning towards as well @Alarae. 4.1 is a very decent rate for a 2 year.

OP posts:
OakleyStreetisnotinChelsea · 30/04/2023 18:11

I see fixing as a bit like paying insurance. By fixing I know exactly how much I'm paying each month for a fixed length of time so I have the security of knowing I can afford it. Sometimes I end up paying more than I would have done without fixing but sometimes I pay less. So like insurance sometimes you pay the premiums and get nothing but the peace of mind and sometimes you need to claim and get more out than you put in.

If that analogy makes any sense at all!

Currently in the privileged position of having 3.5yrs left to run of a very low rate deal so have some time to see how things go.

Remember sometimes the good deals have higher fees so once you do the maths it can make more financial sense to take the higher interest rate with a lower fee if adding the fees to your mortgage. I think they rely on people not spending time working it all out!

Haveallthesongsbeenwritten · 30/04/2023 18:13

Jealous of some the comments, mortgage deal just done last month 5 years at 4.6%, our broker recommended us 5 over 2 and i trust him entirely. Luckily we have good salaries and annual pay rises…

Hedjwitch · 30/04/2023 18:19

3 years at 3.4. That should see us to the end.

CarryMeToIreland · 30/04/2023 18:28

I agree with @OakleyStreetisnotinChelsea it is what we have done for two decades, fixed just comfortable in the knowledge that we know exactly how much we will be paying each month. We managed to fix last year for just below 2% for 5 years as that covers both children whilst at uni in terms of what is happening in our life. Had I really thought it through I should have fixed for 10 years.

AfraidToRun · 30/04/2023 20:18

2.7% pre truss 5 years if I were looking at mortgages now I would go for 2 years

Original poster
pinksunsets · 30/04/2023 21:01

I honestly feel my head is going to explode trying to decide between 2 or 5!

OP posts:
thatsn0tmyname · 30/04/2023 21:14

Fixed for 5 years at 1.84% last spring.

Pinkplasticbathcup · 30/04/2023 21:19

Have you looked at trackers? Some of them have no early repayment charge

pensionconfusion · 30/04/2023 21:26

5yrs @ 1.89%

Original poster
pinksunsets · 30/04/2023 21:39

Pinkplasticbathcup · 30/04/2023 21:19

Have you looked at trackers? Some of them have no early repayment charge

I have but they all have £1k fees and the rates offered are now more expensive than fixed ones.

OP posts:
PossiblyPertunia · 30/04/2023 21:40

4.2% for 2 years 80% LTV. Also extended our term by 12 years to make payment's affordable but they still went up by £380 a month. Even if rates drop 1% by the end of the 2 years I'd be happy.

PinkPlantCase · 30/04/2023 21:44

What else is going on in your life?

We fixed for 5 years because I’m pregnant and in 2 years time we’ll have 2 in childcare and higher or unpredictable mortgage payments has the potential to really damage us.

FfeminyddCymraeg · 30/04/2023 21:46

We fixed at 3.45 for 5 years in October last year. It was the best we could get in the LTV bracket we were in. There was no option to fix for 10 but I think we would have stuck with 5 anyway - it’s what we are used to. Who knows whether that was a smart decision, or not 🤷🏼‍♀️

MissAtomicBomb1 · 30/04/2023 22:18

3.2% for 10 years. Can't see rates dropping hugely in the short term. Rates of up to 5% were relatively normal up until the last couple of years so we may just have to get used to the higher rates again unfortunately

PinkPlantCase · 01/05/2023 07:11

I should I add that the 5 year fix we got was around 4.4% we got accepted for the mortgage in February moved this month. That was with a LTV ratio of just over 40%

But we found the mortgage market really restrictive. Especially with childcare costs deducted from our salaries before any of the other affordability criteria and ‘cost of living factor’ that lots of places applied we really didn’t have many options even with going through a broker.

RudsyFarmer · 01/05/2023 07:20

We fixed for 5 years last year at just over 3%

YellowHatt · 01/05/2023 07:21

I feel really uncomfortable about fixing for 5 over 2. But then I wish I’d fixed for 5last time!

Lcb123 · 01/05/2023 07:25

We’re buying at the moment. Going 5 year fixed 4.1%. Just want the reassurance! With 20% deposit

RM2013 · 01/05/2023 11:10

We had our mortgage offer sept last year fixed for 5 years at 3.79%

BumWad · 01/05/2023 12:37

We secured one last week, 5 years at 3.92% no fee. It was a tough decision but we are taking on a big mortgage and want the security.

Original poster
pinksunsets · 01/05/2023 13:15

Who is that with @BumWad?

OP posts:
BumWad · 01/05/2023 21:56

Principality, we got it via L&C last Tuesday