5 year or 2 year fix?

[Evergreen101]

What would you go for?

I'm in the process of buying a house and thankfully got the mortgage proceedings underway back in April. AT 75% LTV, I'm about to finalise a 2 year fix for 4.54% but broker says I can still switch to a 5 year fix for 4.12%.

What would you do?

Not bad for a 5 year to be fair! I would do 5!

Not having to worry about re mortgaging is a huge thing. Especially at the moment.

5

I’d go for 5 years

I'd go for 5 but I am very risk averse & would accept that I might pay a bit more for peace of mind...
Are they both fee free? I can never understand £999+ booking fees on a 2yr rate.

5 year for stability , unless there is an atrocious booking fee , and to be honest I’d pay a fair bit at the moment to know where I was going to be if I had to take a mortgage now.

Personally I’d take the 5 year option but I like to know my budget.

interest rates are showing no sign of going down yet and so I think fixing for 5 years is not a bad option

5

Similar to above check fees and no horrendous conditions but I’d take the 5 Hr fix personally

5

You will know exactly what your mortgage outgoings are. You’ll sleep easier.

mortgages now 6% and rising.

I’d check the fee and any small print. Sounds too good to be true.

In same situation, luckily got our deal in march. We’re going 5 years, just for the reassurance the monthly amount is consistent for that period.

At that rate, go for the 5

We just did a 5 year fixed 4.29% with no fee. Worth it for piece of mind as we can afford it fine.

We just fixed for 5 years at 4.18%. Which seems a huge jump from our 2.5% but that’s the way it is at the moment!