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I'd go for a long fixed rate that I could afford. Paying as little as possible is a secondary aim, having a roof over your head is more important.
jellybaby-
I dunno, that calculation depends entirely on how affordable increases could be / scope to pay it all off etc. There’s no perfect answer as it depends on your attitude to risk - do you value the certainty more (and are willing to potentially pay more for it) or are you happier knowing you’ve had a chance for the best deal?
A good compromise might be if you can find a fix for a long-ish term with relatively reasonable termination payments - if the cost of terminating it is low enough, at least you can choose to pay your way out if rates drop a lot.
andyfallsoff
I feel out of my depth here, with my fixed rate mortgage finishing at the end of the year I don't really know what to do.
What I don't want is to get (say) a five year fixed rate at (say) 5% and then see interest rates fall below that, but equally it would be nice to have protection against rates going to 7%+.
Which means I go in circles. When our 1.89% fixed rate expires we go onto the variable rate of 5.04%, which increases our monthly minimum payment by around 10%, which is manageable.
Better to wait and see, or is it inevitable carnage in future and I should be getting the lowest fixed rate available for the longest period of time?