Remortgage calculations

PerfectMess

I haven’t been around this forum for a while but I’m hoping someone more knowledgeable on here can help with our remortgage dilemma.
We currently owe about £189000 over 26.5yr. 

We can product switch with Halifax
2 year fix £1090 5.19%

5 year fix £1026 4.61%
We haven’t found a product with another lender that we think would really be worth the hassle of moving and doing all of the extra work involved. These were the best found by a mortgage adviser. The 2 year fix does have a reasonable interest rate saving but at a guess has fees added due to the small saving in monthly payment. 

2 year fix £1083 4.96%
5 year fix £1040 4.57%

Can anybody please work out what our balance would be after the 2 year fix or what rate we would need to be better off taking the shorter fix? Or add any other wisdom to the situation. I have tried asking the mortgage adviser but didn’t really get an answer (if we product switch we won’t be paying a fee for his “work”)

Mark_d

I would go for the 5 year fix with Halifax.  It has a lower rate than the 2 year fix and you only need to pay the product/booking fee once in 5 years, as opposed to once in two years.

The 5 year fix with the mortgage advisor is only slightly cheaper than staying with Halifax, so personally I think there are benefits with staying where you are.

PerfectMess

Thanks this is how we were thinking I just wanted to make sure I wasn’t missing something with the 5 year being a lower rate but the advisors crystal ball suggesting a 2 year!
Also there aren’t any product fees I’m aware of staying with Halifax and less work involved.