Just entered into 5 year fixed mortgage

[mokentroll]

Hi all, I've just entered into a 5 year term at 5% and have seen in the news that rates will go down. I'm going through a divorce and it's been a stressful time.

Have I made a big mistake? Should I have gone for a 2 year term?

Thanks

For the last 20 years we have fixed for as long as we can, 4 or 5 years each time - and stayed with the same building society.... I know, who does that! Sometimes we've missed out on lower variable rate payments but to be honest I have prioritised peace of mind. We fixed last spring for five years, we've now got 5 years left so the 6th year will be a gamble but I'll live with that!

Rates have been unusually low for years, a reversion to the mean is likely. You'll be OK.