Remortgaging later this year, wwyd…

[DogsAreAGirlsBestFriend]

Fix or variable?

Thinking of doing a 2 year fixed then reassess but toying with the idea of variable in case rates go down…

Personally I'd go with fixed - because then at least you know what you're getting and can plan accordingly.

Of course interests rates can vary wildly (from 0.5% in the early 2010s, to 15% in the late 1980s) - but I'd rather have FOMO on a lower interest rate than be faced with a surprise jump that would impact our day-to-day finances.

Fix. 2 years, not 5. Variable rates are high at the moment.

I work in financial services and am qualified as an adviser..We fixed and I'd do it soon if you are within 6 months of your current deal ending. We have just fixed for 5 years when our remortgage is due in October.
Variable rates are high. I think inflation will be sticky and rates are unlikely to go down anytime soon or to what they were post covid at rock bottom rates. All this about the IMF saying rates will go down equates to 2.5 bank rate which means mortgage rates will be 3.5-4 on average.
It depends on your attitude to risk and if you can afford it.
We can and have zero risk tolerance. I'd rather be paying a higher rate for a bit at the end of our new deal then be clobbered short term.

What rates are you getting quoted? They’re getting higher.

Ive just done exactly the same. Gut instinct rather than a crystal ball or industry knowledge

Fixed for 5 years at 4.2, savings are accumulating about the same at the moment

I'd fixed for two or three years on the best rate available.

Thanks all.
We signed up for a 2 year fixed today but apparently the lender was pulling the product at the end of the day, no idea if we will get approved for it, I guess I’ll find out tomorrow.
4.45%

I fixed for 5 years last week at 4.07%. Do people fixing for 2 or 3 years tend to think the BoE rate is going down to the pre pandemic levels (1.5-2%) in this time frame? Not sure if my decision to fix for that long was correct, but I'm extremely risk averse.
I don't think the rate is going to increase dramatically from the current rate. Remember last year many people on here were talking about 8%-10% by this summer? Didn't happen.

Remember also that when you remortgage, you'll likely incur an arrangement fee... the longer the fix, the less arrangement fees you pay.

No, but a fair few people are being offered about 4.7% and I'd hope to get something low 4s to mid 3s in 2 years. I remortgaged last year on a 10yr fix and didn't pay a fee.

We recently fixed at 4.37% for 5 years.
Higher than we'd like, for longer than we'd like.
But predictable, and under the BoE interest rate, which I'd expect to rise, at least in the short/medium term.

Fixed at 4.07% for 5 years a few weeks ago
No crystal ball and I don't work in finance or the industry but it felt like the right decision for us.
It meant we had clarity with budgeting.

Same criteria now is 4.21% - but who knows what it nets out at over 5 years.