2 or Five Year Fix?

supersezzie

Brexit coming up, not in the best position to shop around as I'm not as mortgageable as I was when I took out the mortgage!

Hence thinking I need to stick with Natwest. But would you pay the extra £50pm roughly to fix it for 5 years instead of two? I know we can't predict anything at the moment. Just taking a bit of a straw poll to see what people think in our current climate!

(Factors affecting shopping around: was out of work last year due to illness and racked up more debt (though no missed payments, but my affordability would look very low on my credit file) only just been well enough to start my new job since February, which is well paid enough but only a 12 month contract 4 days a week). Just don't want and need the hassle of it all to get rejected right now!

worried_jim

supersezzie wrote: »

Brexit coming up, not in the best position to shop around as I'm not as mortgageable as I was when I took out the mortgage!

Hence thinking I need to stick with Natwest. But would you pay the extra £50pm roughly to fix it for 5 years instead of two? I know we can't predict anything at the moment. Just taking a bit of a straw poll to see what people think in our current climate!

(Factors affecting shopping around: was out of work last year due to illness and racked up more debt (though no missed payments, but my affordability would look very low on my credit file) only just been well enough to start my new job since February, which is well paid enough but only a 12 month contract 4 days a week). Just don't want and need the hassle of it all to get rejected right now!

I've just paid (from this month) an additional £16.57pm to fix my mortgage for the next 7 years as I think the only way for rates to go are up. It's a gamble but one I am happy to make for the piece of mind it has given me.

sheepy21

We're ftb and fixing for 10yrs :j various reasons, I figured interest can only go up, after having been so low for so long and we're in a position where I'm unable to work, so if interest was to rise significantly in say five years, I can't just get a job to pay the mortgage, so for us a 10yr fix is the safest and most affordable option.
If you feel that you can work long term without further health issues then the two years might work for you, though it sounds like you're worried about your long term ability to pay the mortgage, so I'd personally say go for the five year deal if it's an amount you know you can afford long term :T