Re-Mortgage - What to do!

laurentitley101

Hi there

My 2 year fixed rate mortgage is finishing in 3 months and I'm unsure what to do / what my options are.

My current rate is 5.29% (I have 89% LTV). I've looked at my current provider - Skipton - and it seems they will offer me 5.26% for two years fixed or 5.08% for five years fixed (which isn't much better than the deal I'm on now).

I always hear people saying different things about 2 yrs vs 5 yrs. I locked in for 2 yrs back in 2023 because people were so convinced they were "coming down" which it appears they aren't. I don't want to be kicking myself in two years if they shoot up to 6.XX% and wish I'd locked in for 5yrs (the country is in the trenches right now).... bringing in the argument are they really "coming down" should I just lock in for 5 yrs?

I think if I remortgage with say Nationwide I may be able to get 4.7% however I'm quite keen to not pay a £1k one-off payment to the provider on "admin fees". Think it's a bit cheeky. especially just for a small monthly saving... (I'm not great at saving money monthly anyway!)

I don't really have the cash to get my LTV down to 85% either to get a better rate.

Really interested to know what people's thoughts are. Do I stick with my current, re mortgage, what are people's views on 2 year vs 5 years..... or any just general thoughts!!!!

Ta

Snookie12cat

I stick with my current lender always providing there is not a huge difference in the rates. Its easier, less hassle as no valuation, solicitors etc and that is worth a small increase in the rate if there is one. 
In my opinion rates are still going to go down in the short term, but no one has a crystal ball, who knows what will happen in 2 years- literally anything could. They could plummet to record lows, or increase to record highs. 

I literally today did a 2 year fx at 4.68%. That is still higher than I would have liked, but I have the option to move to a cheaper rate if it reduces in the next 3 months, so fingers crossed!