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I'm glad you were pleased with 3.4pc but I'm fairly sure I had a 2 year fixed deal with Tesco at 1.59 at the end of 2014/start of 2015, and after that then I got a 2 year deal with Halifax at 1.69, and then I got a 2 year deal with platform for 1.79 for 2 years (none of which had any fees attached to them).
So 3.4pc in 2014 might have felt like a good deal but you could have saved a fair amount if you'd taken 2 year deals with no fees, or have I misremembered the deals I previously had?
princeperch-
I'm glad you were pleased with 3.4pc but I'm fairly sure I had a 2 year fixed deal with Tesco at 1.59 at the end of 2014/start of 2015
Yeah, mine was 5 years fixed in July 2014 but I guess our LTV was probably higher than yours and we were restricted in our choice of lenders because we were trying to get 5.5x salaries. I don't remember what the equivalent 2 year would have been, but if it had been 1.59% I would have gone for it!!
NickCJ
Going for variable right now feels like a totally asymmetric bet (the wrong way) to me. You can still fix for five years at around 3%, which is an awesome deal by historical standards. I fixed at 3.5% back in 2014 and I thought that was great then. Saving 100 bps with the potential for that to grow to 200 bps if recent history repeats itself doesn't seem worth it.
To be frank, if rates go back down again you'll make so much cash on the property appreciating that you shouldn't even care. Or take out cheap additional borrowing to spunk on something.