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5 year. Inflation looks mad, I'd be amazed if mortgages are cheap in 2 years time. I'll be amazed if they are cheapish in 5 tbh, so get it while you can
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Unless you are going to move in the next 5 years go with the 5 year fix for sure. The fees alone mean you save money.
Don’t rely on being able to port when the time comes.
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0.1% premium (or 5% more interest- compounded, obvs - than the 2.09% one) for an extra 3 years' certainty seems like a no-brainer to me, provided you're not marginal on the payments.
Put it this way - do you think interest rates are going to halve, double or stay the same?
Apply for the longest term you can get away with, that way your contracted repayments are lower (but you can always overpay to what they would have been on a shorter term if you really want to).
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Assuming your not planning on moving I'd probably go 5 year at the moment.
If you've a chance of moving into a better LTV band then the 2 year may work out better but it is a risk at the moment.
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andyfallsoff
NickCJ
rhowe
aggi
@Jameo
More experienced home owning peoples.
Do I go for a 2 year fixed mortgage deal at 2.09% or a 5 year at 2.19%? Obviously the initial repayments are lower with the 2 year deal, but from what I understand is that we are still near the edge of the spiralling black hole of shit that the world is going into so the 5 year may be better overall?
We had a house purchase fall through when we had a mortgage deal at the mega 1% blip last year, now I feel more pissed about losing the mortgage offer than the house.