Opinions on fixed mortages

coll79

Hi, Just after some advice/opinions on whether people would fix for 2 yrs or 5yrs in current economic climate? cheers

Yorkie1

Assuming there's no reason for wanting to move etc within the fixed period, I'd go for 5 years. Interest rates aren't likely to move that much, it is thought, over the next 2 years, so you'd be paying a fair bit for the certainty of a fix without a huge amount of risky rate rises attached. Also, arrangement / application / valuation fees add up - and you'll be paying them again in 2 years if you go for the shorter fix.

manic_saver

I would agree with yorkie1 that if your not planning to move house stick with a 5 year term. I've just recently purchased a 3 bedroom house and won't be moving for at least 5 years, so we've been advised to go for a fixed mortagage as interest rates will rise in due course. Maybe not this year but it will be soon.

Peelerfart

Five years, have you seen the amount of fees charged for some mortgages?

Wouldn't wanna be paying those every two years.