2 year or 5 year fixed in the current market

HarryT123 Forumite Posts: 2
First Post
We feel like we are having a bit of a dilemma with securing a mortgage for our new home. Reading the news it seems like rates are quickly rising. When we would have got a rate of just over 4%, we would have been inclined to fix for 5 years but now that rates are going up I wonder if it is best to stick to 2 years and see what happens in the future. 

Out of interest, does anyone know how quickly mortgage brokers can secure rates vs going it alone? We didn't realise that the mortgage broker that we used previously was going to charge us a fee (which is actually quite a lot) this time, as our remortgages weren't chargable and we  thought a fee was only applicable the first time around. I also found a deal through First Direct that was cheaper than what he found. Might be a slightly awkward conversation but if they can secure a rate more quickly than what we can then maybe we just pay.


  • simon_or
    simon_or Forumite Posts: 890
    500 Posts First Anniversary Name Dropper
    edited 11 June at 9:34AM
    Short or long fix, this thread may help

    Even with brokers, most banks will only allow them to secure a rate when a full application is submitted, which means a hard check and all the work involved in that.

    I don't have direct experience but from the forum it seems like some like Nationwide allow brokers to secure a rate without a full application.

    Essentially once you're ready to do a full application and the broker has all the details required, the delay is onlybdepedent on how quickly the broker can get it in.

    For example last year when the recommended bank was increasing rates at short notice my broker emailed me on Friday morning to let me know, I gave her the go ahead and she managed to put in the app in time.

    My broker, whom I've been using for many years only charged me once, the first time, and that too probably because of the state of my credit report which was terrible at the time and needed a bad credit bank. I've used her many times after that and she's never charged.

    I don't rate these factory-line brokers myself but if you're averse to paying a broker fee, the Martin Lewis guide has many zero fee ones in it so you could try them.
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