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How long to fix

Scouser85 · 2023-08-09 20:32:56

Hi We are 6 months away from our current fixed rate mortgage ending. Our broker has gotten us a few options. The longer you fix the better the rate. So is it currently better to fix for 2,3 or 5 years? Is 2 years possibly not enough for the rates to drop or is 5 years too many to sit in a fixed rate if the rates do drop.…

Comments

fewcloudy Posts: 617 Forumite

11 August 2023 at 9:04AM edited 11 August 2023 at 9:04AM

Scouser85 said:

Yes we can afford the rates but nearly doubling our mortgage is going to hurt us as won’t be able to do holidays, days out, meals out etc

If you get a tracker and rates come down over next few years then you may be able to do some of those things you're missing out on. Sounds like if you fix then you definitely won't.

Are you sure you have to fix? Have you decided that rates will continue to rise and therefore you think it is worth buying a fixed rate product?

Feb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker
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