Remortgage Time @ 4.65%

TeaAndToast_2

We are due to renew and have been offered 4.65% over 5 years or 4.7% over 2 years.  

I'm thinking of going for 5 years as some posts were predicting rises continue into 2025.  What's your thoughts?

mi-key

Nobody really knows how long high rates will last. If you can afford the 4.65% comfortably then personally I would go for that. Interest rates always go up and down over the length of a mortgage, and sometimes you will be paying more than average and sometimes less.  At least with an affordable 5 year fix you don't need to worry about any rate changes so have some peace of mind 

mi-key

When I took mine out 14 years ago, it was at 5.99% fixed for 5 years. If I had a tracker I would have saved a lot of  money, but I could afford the 5.99% so didnt worry too much about what I wasn't saving

simon_or

TeaAndToast_2 said:

We are due to renew and have been offered 4.65% over 5 years or 4.7% over 2 years.  

I'm thinking of going for 5 years as some posts were predicting rises continue into 2025.  What's your thoughts?

To each his own but I don't see the point of a 2 year fix at those rates, I'd rather be on a tracker or discount rate. If you want the certainty of a long term fix then a 5 year definitely makes sense and the rate seems decent in comparison to what's available elsewhere.

TeaAndToast_2

simon_or said:

TeaAndToast_2 said:

We are due to renew and have been offered 4.65% over 5 years or 4.7% over 2 years.  

I'm thinking of going for 5 years as some posts were predicting rises continue into 2025.  What's your thoughts?

To each his own but I don't see the point of a 2 year fix at those rates, I'd rather be on a tracker or discount rate. If you want the certainty of a long term fix then a 5 year definitely makes sense and the rate seems decent in comparison to what's available elsewhere.

Looking at some posts I'm guessing the 5 years.  A 6.5% rate would just eat up too much money for us.  Kid will be in secondary school by then, so we will have a bit more flex around work.