Mortgage rates / time period advice needed

Bringvaluetome

Hi all.

Looking for some advice in regards to renewing my mortgage.
We purchased a property in December 2021 and went for a 2 year fixed deal.
£664 per month, can't remember interest rate off top of my head.
We've spoken to mortgage advisor and been offered the following through Nationwide - 

2 year fixed rate 6.09% no fee, monthly cost £1150.96

5 year fixed rate 5.34% no fee monthly cost £1054.52

Currently owe £196k on mortgage.

What are peoples thoughts?
I realise it's near on impossible to predict what rates will become down the line.

Thanks in advance.

CrGlo

We have a similar situation, same mortgage size and our 2 year fixed rate ends Dec 1st. If you take a new fixed rate now you should be able to keep that as a backup and keep looking for a better deal until December. We re-fixed for 2 years with Halifax and keep calling every couple of weeks to see if the rates have gone down.. if they do, we'll be able to fix at the new lower rate.

Maka344

100bp reduction expected throughout 2024 starting in May. https://www.exchangerates.org.uk/news/38890/2023-08-16-bank-of-england-25bp-in-september-first-cut-may-2024-say-uk-economists.html