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Mr_Smyth
What's the current thinking with 2yr fixed rate mortgage rates?
Many of the lenders have cut their rates recently, despite the base rate rise: https://www.bbc.co.uk/news/business-66459129
My current fixed rate deal (1.95% ... sob) will end 2nd October and my lender (Santander) is letting me change rates early (with the new rate coming in from 2nd October since it'll be way more than our current rate). As of today (12th Aug) there's a 2 year at 6.16% and a 5 year at 5.63%. Plan would be to renew on 2 year and then see how things are going after that, hopefully rates should be back down to something more "normal" in ~2 years.
Not going to sign up for 5 year rate at 5.63%. That's obvious given the 5 year rate being lower than the 2 year rate so they're already pricing in the expected fall.
So, crystal ball time (since I know no-one actually knows the future). Go soon (assuming Santander have cut their rate) or hold out a bit longer (we have until 2nd October)?
Switching vendors not really an option as it would mean having to wait until 2nd October (where we'll be on a ~7.5% standard tracker rate) or have to pay ~£5k in early repayment charges to switch before that date.