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Fixed Rate Mortgage 2yr or 5yr
janeo1960
Posts: 16 Forumite
We are due to remortgage in october and cant decide whether to go for a fixed rate for 2 years of 5 years. The broker has advised us to go for the five year deal but we're unsure. I would appreciate your advice
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Comments
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Advantages of a five year fixed - no more arrangement fees to pay for five years. Peace of mind that payments won't go up for 5 years
Disadvantages - if rates come down, you are stuck on the higher rate.
Two years used to be a good time to fix for, as if you did " get it wrong" you were only tied in for the two years. But the high arrangement fees that lenders now charge make this a costly business each time now..
important what you plan to do within the next five years as well. If you move though, most fixed rates are portable from one property to the nextI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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