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With the uncertainty of what will happen when the UK leaves the EU,
and the extensive trailing of (effective) rates rising as post-Article50 notification price increases force inflation beyond the BoE target of 2%,
the longest, cheapest, fee-free option is eminently sensible.
Overpay all you can.
(My experience is based upon mortgage interest rates of 15% in the early '90s).
mespilus
Any reason not to get a new 5 year fix?
Currently on a tracker that's at 1.49% with no penalties or fees for leaving. LTV is about 35% so I can get a decent offer. Looks like I can get about 1.8% for 5 years with no overpayment charges, fees and it could be ported if I moved.
So I should just do that right? Interest rates are going up a bit soon...