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Did one part of our mortgage a few months back and went for 2 years (which regretting). Now doing the other part and going for 5 - can't see any way this shitshow will be over in 2.
Was looking back to when we first took out part 2, 19 years ago - was a tracker +0.6% at the then base rate of 5.4% - obviously has been brilliant over that time, but now looking less so. First mortgage was in the early 90s - 10% - ouch.
villa-ru-
Yeah we fixed (nervous at the time) our last 10 years of mortgage in 2017 or 18, rate did come down a hair after that, but honestly is a few hundred quid over 10 years not even worth the mental math. So in an incredible position now. But would say for the sake of nothing else but your mental health, fix for 5 years, then you just don't have to think about it for a while, you'll know your outgoings and you know when you'll have to think about it again, and for me at least thats worth something. Also mortgage free in another 5 years i think, might be less, such a good feeling. Have the option of paying it faster with only a small penalty (£500 or £750 maybe?), however the rate was good and TBH its a non issue.
BrickMan
I am in this position too. Question now is commit to 5 years or gamble on 2?