Fixed mortgage - 5yr or 10yr

getmore4less

fewcloudy wrote: »

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It's difficult, 5 yrs in the future is crystal-ball stuff, just a gamble.
If you'd asked in 2006, what are the chances of rates being 0.5% in 5 years, I think the answer would have been "very very unlikely" to say the least...
Hell, if you'd asked that question even just a year before it happened, it still seemed inconceivable, to me anyway.
So rates of 5-7% seem 'very very unlikely'.... today

go back and have a look at threads from 2006 onwards.

wonder how may gave up great tracker rates on the back of get fix rates will go up?

dimbo61

If the Bank of England base rate hits 5-7percent in 5 years time then mortgage rates could hit 7/8/9 percent and a huge number of families up and down the country with Large mortgages will be up the creak without a paddle.
Mortgage repossessions will cause thousands of people to be homeless.
Rates may well rise but the Bank of England is talking about perhaps 2-3 percent over the next 3/5 years

AnotherJoe

Brexit implies lower mortgage rates than otherwise, because high bank rates are a competitive disadvantage since it leads to a stronger pound, which makes imports cheaper and exports more expensive, the exact opposite of what you'd want.