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.
No idea if this is useful/relevent but if you have the fixed rate for two years and your mortgage is >£470k (approx) the extra 0.53% interest costs you £2.5k a year, so you'd break even with a £5k early repayment charge if you take the 5 year and switched after 2 years.
We got 4.3% for 2 years in May/April, everyone seems to have thought "this looks the top" every month since. BoE only have the one lever to pull and given only 28% of properties have a mortgage it seems that rates would have to go quite high before they start to impact the economy of the whole country. Kinda regret not going for 3 years personally, but we also thought "things will be normal again within 2 years"
No idea if this is useful/relevent but if you have the fixed rate for two years and your mortgage is >£470k (approx) the extra 0.53% interest costs you £2.5k a year, so you'd break even with a £5k early repayment charge if you take the 5 year and switched after 2 years.
We got 4.3% for 2 years in May/April, everyone seems to have thought "this looks the top" every month since. BoE only have the one lever to pull and given only 28% of properties have a mortgage it seems that rates would have to go quite high before they start to impact the economy of the whole country. Kinda regret not going for 3 years personally, but we also thought "things will be normal again within 2 years"