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2 or 5 year fix Undecided
Options

leew
Posts: 730 Forumite


Help needed!
We can't decide between the two! I think 2yr and the OH thinks 5yr.
Difference is about £20 a month extra, overall the mortgage will go up around £100 a month depending on which we opt for.
Both deals are with current lender who are offering the best deals in our position.
Which one?
We can't decide between the two! I think 2yr and the OH thinks 5yr.
Difference is about £20 a month extra, overall the mortgage will go up around £100 a month depending on which we opt for.
Both deals are with current lender who are offering the best deals in our position.
Which one?
0
Comments
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What’s the interest rates on both?MFW 2025 #50: £1139.75/£600007/03/25: Mortgage: £67,000.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
07/03/25: Savings: £16,5000 -
We need a bit more information. Is there a fee for these mortgages?0
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I would personally opt for the 5 year fix but then I prefer knowing what my repayments are going to be longer term.
2 years fixes are just too short IMO.
2 -
interest rates are predicted to be lower in 2 years. How would you feel 2 years into your 5 year fix if interest rates drop to 2-3%?0
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Which one is up to you and your other half !
Do you plan on moving in 2 or 5 years time ?
What's your LTV now and what might it be in 2 or 5 years time ?
Will you be able or want to overpay each month of win the lottery/ inherit some money.
Consider life events ! Kids, childcare, Job and career !
If you can get your LTV from say 90% to 75% in 5 years and have no intention of moving within the next 5/10 years then the longer fix might be the deal for you2 -
renegade1 said:interest rates are predicted to be lower in 2 years. How would you feel 2 years into your 5 year fix if interest rates drop to 2-3%?0
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Nailer99 said:We need a bit more information. Is there a fee for these mortgages?
Exactly! I suppose it could go either way although I've since read predictions are it will fall.
renegade1 said:interest rates are predicted to be lower in 2 years. How would you feel 2 years into your 5 year fix if interest rates drop to 2-3%
tripled said:renegade1 said:interest rates are predicted to be lower in 2 years. How would you feel 2 years into your 5 year fix if interest rates drop to 2-3%?0 -
If there are no fees then one of the main advantages of the 5-year (not having to pay fees in the future) is lost. I’d go 2-year if I were you.2
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On the no fees point, have you compared the rates if you pay a fee? (and compared the cost for the fixed term with and without the fees?)0
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