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!

Thanks @BumWad. I'm actually speaking to L&C and they suggested Principality too for a 2 year deal. How quickly did the whole process take? I don't have much time to get mine sorted!

Hi pink, it’s only been a week today so I can’t really tell you. We are buying a new build and they want to exchange contracts in 4-6 weeks so hoping the offer doesn’t take too long!
What was the 2 year fixed rate?

We have been offered
5 years at 4.8
2 years at 5.29

94% LTV

Think we are going to go with 5 years. We are FTB, it’s all so confusing.

94% LTV wow!

I've been offered 4.29 which is cheapest I've found for a 2 year fix!

I've just taken 4.5 for a 2 year fix. I am really stretching myself this time with a new home so hope that it will go down in two years.

3.3 5yrs

I wenr for 1.4% over 5 years 2 years ago but now I’m selling up with a big redemption penalty so that was a waste of time…!

DH and I are just having this discussion now. We both agree that 2 years at a slightly higher monthly payment is probably safer than 5 years at a very slightly lower payment that is still a lot more than our current rate.
I don't want to get locked into a higher payment for 5 years if there is a chance interest rates will come down.
It is just damage limitation at the moment.

Yes that's what I'm also veering towards @endofthelinefinally.

Can't you port the mortgage @whirlyhead?

We went for 2.

Our broker has presented us with a 3 year fix and 5 year fix. Not too dissimilar rates. I’m erring towards 3!

We saw where this was going and fixed for the last 10 years of our mortgage at 2.34%. So very glad we did, even though we had to pay a penalty of a few hundred quid.

4.4% for five years, but it's a buy to let mortgage so always a bit higher. I went from a 1.8% one so it hurts! But my intention is to pay off half in the next couple years (I'm selling a non mortgaged property) and just accept the penalty.

Fixed for 3 years at 3.69% in October 2022. 2 year fixed seemed too short and 5 year fixed felt too long. Keeping fingers crossed that the 3 year fix will see us to the end.

Not sure if this qualifies as recent, but we did a 5-year fix last August at 3.2%. The LTV was about 28% and we calculated that we could repay the whole balance within that 5 years, if we significantly overpaid. If we'd done it a month earlier we could've got it for about 2.7%... but if we'd left it another month it would've been about 4.5% so we don't feel we did too badly. The mortgage before that was a 5-year fix also. We prefer to pay more for the security of knowing in advance what our largest outgoings will be. Historically, it hasn't worked in our favour, but hopefully in about 4.5 years' time it won't matter any longer.

5.04%, 2 year fix, 95% LTV, planning to overpay/save to get us into the 90% bracket for when we have to remortgage.

We’re moving overseas and will be renting for a while so nope.

Ah, I see!

1.39% for 5 years Pre Truss. Mortgage less than 35% of value now. By the time it finishes will have about ten years left so hopefully will get a decent rate although obviously not at 1.39%!