Remortgage 2 or 5yrs when undergoing cancer treatment

Money_Savvy_Mum

Hi All

I’m new here and just looking for a bit of advice! Our mortgage deal is ending and we have the option of fixing in with our current lender for 2 or 5 years - at 1.94% (2yr) or 1.99% (5yr). Our current mortgage has just under 27years left and we have a LTV of around 65%. I also make a regular monthly overpayment.
I was diagnosed with cancer last summer and am nearing the end of chemotherapy treatment. I have a good prognosis following treatment and my income has not been affected and I do not expect it to be affected in the future.
I am mindful that I should perhaps look at other lenders when remortgaging but am cautious given my diagnosis - I am currently on sick leave albeit on full pay. I am not sure whether my diagnosis will affect a new mortgage application or not, does anyone have any experience of this?
Having had a little look online, I think although I may get a better rate, in the grand scheme of things the savings will be minimal (<£50pm) and wonder if it would be worth the stress of going through a new mortgage application at this time.
Also, I am thinking we may be best to fix for 5yrs (we have only ever done 2 yr fixes) as we have no intention of moving until our children will be leaving home (earliest 8 years time!) and I’m concerned internet rates may increase within this time.
Any advice/tips greatly appreciated!

Edi81

Rates are only going to go one way. I’d be fixing for 5 years if you know you’re going to stay in the property for the next 8 years. 

Money_Savvy_Mum

Edi81 said:

Rates are only going to go one way. I’d be fixing for 5 years if you know you’re going to stay in the property for the next 8 years. 

This is exactly what I was thinking, thank you! 

dimbo61

I would also say fix for 5 years with your current lenders.
Why put yourself through the stress of applying to other lenders and having credit checks, surveys, searches , solicitors etc !
One box you can tick and get back to the important things in life.
Take Care 

Sistergold

Moving to another lender is not always that beneficial and can be stressful. They are getting more and more strict it’s like asking for a pound of flesh. 5yr fix sounds like a good idea and will give you peace of mind while you deal with all that you are going through. Good luck with the treatment and wishing you the best outcomes. 

Money_Savvy_Mum

Thanks all, I’ve now agreed the 5yr fix with my current lender. Feels like a weight has been lifted and one less thing to be worrying about!