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Under what situation could rates go up?
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What are the chances you'll want to/have to move/sell in the next 2/3/5 years? If the answer is "feck all" then I'd go for 5 year fixed. There's really nowhere for rates to go down to, so the only way is up. If you might want to/have to move/sell then all bets are off.
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we have just gone for a 5 year fixed @1.6% . We could have done slightly better on the rate but after product fees /cost of hassle we stuck with our current lender. in contrast we were offered 1.17% on a 2 year fixed
our rationale was that interest rates are only going to rise. even though this may not happen in the next 5 years, we would rather have the stability of the same (lower than our current) payments for 5 years
there is also a chance that interest rates will rise... brexit inflation? who knows
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Howard
Brommers
swedeee
@chrisbmx116
Whats the hive mind thoughts on Mortgages atm? Get the fuck locked in for as long as possible because interest rates are only going up? Looking at a 5 year fixed repayment atm.