Remortgage with 2, 3 or 5 year fixed period during COVID?

diyaniliev

Hi there
I am due to remortgage my flat and was wondering should I remortgage with a longer initial fixed term, e.g. 3 or 5 years which would give me more stability during this time or lower fixed terms which comes with lower monthly repayments?
Of course, it depends what is important to me but thought I would ask people what their opinion is.
Thanks
Diyan

penguineater

If you have a very secure job and are looking to overpay to get into lower LTV a shorter fixed may be the answer - that's my plan when I take a mortgage out.

However if you are unsure of the future a longer fixed is possibly the answer.

dimbo61

This depends on so many factors.
What is the LTV when you take out the mortgage ?
What will it be in 2/3/5 years time ?
Consider the LTV bands 95%, 90%, 85%, 80%, 75% and 60%
Do you want to live in the property for the next 2/3/5/10 years ?
You talk about a flat so not really a family home ? Garden, parking, etc
Income, age, ability to overpay, job, relationships , long term plans
Your decision but rates are very cheap at the moment

Thrugelmir

What products are on offer to you?