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Advice on a 2 years or 5 years fixed rate mortgage
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It is not just the rate that should be taken into consideration. If the payments at the higher rate are too much then you could extend the term although that would impact on total amount repaid. Will house prices increase or decrease. The last time they decreased was 2008 so we maybe due a correction.
What happens if you lose your job through covid and cant pay then the penalty for a 5 year could be high. If prices fall the your LTV in years 2 or 3 could be higher on remortgage and of course higher rate applicable. If rates do go up will they come down for you in 24 months or will you be fixing at an even higher rate then the 5 year off at the moment.
About me. Retired Financial services Director with over 35 years experience and trained more advisors than you can shake a big stick at.
34 Years experience as company Director in Financial services0
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