Re-mortgaging Advice - deal ending

batman81

I am looking to remortgaging advice. My deal is ending and basically there are 2 deals that I am looking at, 2 years fixed and 5 years fixed.

2 years fixed is £13 cheaper a month than my current mortgage
5 years fixed is £32 dearer than my current mortgage.

We all expect the interest rates to go up in the next year to 2 years.

So would it be better to take the 5 year deal than the 2 year old?

sammyjammy

batman81 wrote: »

I am looking to remortgaging advice. My deal is ending and basically there are 2 deals that I am looking at, 2 years fixed and 5 years fixed.

2 years fixed is £13 cheaper a month than my current mortgage
5 years fixed is £32 dearer than my current mortgage.

We all expect the interest rates to go up in the next year to 2 years.

Do we? I don't. It depends what is more important to you? Security of rate? Will you be planning to stay where you are for five years? Do you have any life changes expected?

batman81

sammyjammy wrote: »

Do we? I don't. It depends what is more important to you? Security of rate? Will you be planning to stay where you are for five years? Do you have any life changes expected?

I thought it was almost a certainty that the interest rates will rise within the next 2 years.

I do expect to stay here for 5 years plus.

chelseablue

Just my opinion but if I knew I was going to stay in the house for 5 years+ I'd go for the 5 year deal