2 or 5 year fix?

Levs01

We applied for our mortgage and asked for a 5 year fix which was agreed by lender. However, when the paperwork has come it has been put down as a two year fix.

I'm wondering now if we should leave as is or ask for it to be amended to the 5 year.

My thinking on the 5 year fix was not having our product run out as we brexit but having read more I'm not sure if that's the best way to play it.

Any thoughts on which is the best option?

getmore4less

What's the difference in rate?

Levs01

getmore4less wrote: »

What's the difference in rate?

2.19 for 2 year and 2.49 for 5 year.

martinbuckley

As rates are at an all time low, I would suggest that you fix for as long as you can.

fewcloudy

martinbuckley wrote: »

As rates are at an all time low, I would suggest that you fix for as long as you can.

Yeah, that's what people were saying this time last year. And the year before that. And the year before that. Et cetera.


fc

divadee

We have just taken out a mortgage and after weighing it all up we are trying to be as risk adverse as possible so went for the 5 year fix. When we finally start the brexit process no one knows what could happen and we knew we wouldn't be moving from here for at least 7 years so wanted the security of fixed payments with a baby on the way.

All you can do is look at your own circumstances and go from there.