Retention mortgage rate from Santander

RelievedSheff

jmb1 said:

Personally, I wouldn’t make this decision on the basis of the small differences in monthly payments.  I’d make it on the basis of my attitude to risk in relation to future interest rate movements: possible benefit of shorter fixed period if interest rates fall vs possible risk of shorter fix if they rise. 

Thanks all. I am tending to agree with this, and speculate the rates will possibly come down further toward 2026-7 so was thinking of getting a revised offer based on a 2 or 3 year rather than a 5. I'll be sick as a pig if they rise dramatically in the next 5 years mind you!

With the very small amount of your mortgage and the short term changes in interest rates really won't have a massive effect on the monthly repayment.