Is it best to take out 2 year fixed or 10 year fixed

Lee252

Hi
After some advice, what is the best option to pay off mortgage early.

Based on a 13 year mortgage with roughly £213,000 remaining, we could overpay by £1000 a month, working it all out we could complete in 7-8 years, however is the best option to look at a 10 year fixed or 2 year fixed (and keep changing), 2 year provides lower initial interest rate, but would need to keep changing every 2 years.
Very confusing .
Cheers

Trentenders

What are the rates? What are the ERC's?

What sort of deal will be available in 2, 4, 6 years?

Why not consider a 5 year fix?

What is your LTV?

Lee252

LTV is 45%

Good five year fix, but thought 10 because we could pay off before the 10 but after the 5

getmore4less

Run some projections with your guesses for rates over the next few years.

Your current payment should be between £1500pm(1.5%) £1700pm(3.5%)

adding £1000pm will reduce your term to between 7y7m and 7y 6m

pay £2700 on the lower rte and you get down to 7years

Tahlullah

If you pay it off before the 10, will you incur a penalty? Perhaps you need the 5 year and then just overpay?

edinburgher

Question cannot be answered without details of rates, fees and your attitude to interest rate expectations