Fix mortgage for 5 or 10 years?

Sweetstuff69

Hi there
My mortgage is about to come to the end of its current fixed term and I'm looking to remortgage. I wondered if anyone had had any recent advise from a financial advisor about the likelihood of rates increasing in the future and whether it would be wise to lock in for a five year or ten year fixed mortgage.
Thanks in advance.

scoops82

I am interested to hear peoples thought on this too - ours ends at the end of June and I see Barclays do a 10 fix at 2.99. Is that considered good value?


It works out about £40per month more expensive than a 2 year fix and £25 more expensive per month than a 5 year fix.

Sweetstuff69

Thank you. It is our forever home but the one thing I hadn't thought about was the overpayment aspect. I'm definitely going to go for one which allows smallish overpayments but if it would be prohibitive to pay a larger sum off, then that would definitely be a consideration.

Grenage

We're currently buying, and taking out Barclay's 10-year 2.99 mortgage. I did ponder a short term or a tracker, but it's a reasonable rate for such a period.

HATTERS81

Another thing to think about is your LTV. I'm unsure of your LTV but if in say 4 years your LTV is below 60% then you might qualify for a cheaper rate ( subject to base rate and house prices )