Those that have renewed their mortgage recently and were offered 2 year or 5 year fixed. Which did you go for?

[Guest]

Any why if you don’t mind sharing reasons. Thanks

[Mandy]

I’m currently on a 2.09% fix which ends May 31st 2024, dreading it. Luckily will only have about 8 years remaining by May but it’s a tough market out there. Trying to find the Martin Lewis show but so far can’t find it.

[Emma]

Go for 5 year fixed, it gives you 5years of no worrying about changes and all the hassle of paperwork. 2 years comes round quicker than you think.

[Toni]

I did a 5 year fix. Ironically in March,it was the same rate for 7 year fix too. The main reason I did 5 years as I will have graduated from my degree touch wood and will know what I am doing career wise. Both my boys should hopefully be sorted by then too.

As a single parent on a low income having the certainty of knowing my mortgage payments will remain the same for 5 years is a big thing.

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[Leigh]

5 year because my mortgage advisor said the market will remain unstable for atleast two more years.

[Liga]

I wouldn't go for any more than 2. The interest has been increased deliberately to lower the inflation. It's to encourage people to save more. It won't last long because the economy will need money to function.

I'd never go for more than 2 years. It's not that difficult to change it if needed.

[Jenny]

Have done another 5, it worked out to 80 more a month than my last fixed which I didn't think was too bad with how things are at the minute. I did 5 so I know where I stand as I've budgeted to clear my debts over these 5 years and then will look to shorten mortgage term when I next have to fix

[Emma]

We renewed beginning of June (the day before the rates increased), we went for 5 years on the hope the market settles down in 5 years and we hope to be able to pay off the mortgage in the next 5 years.

[Jenna]

We've just re-mortgaged for 2 year fixed. Increase of £180 a month, going to be a tough 2 years but fingers crossed the rates come down over the 2 years.

[Lawnetta]

I went with the 5 yr fixed. 2 years comes around in no time. Plus you will have to start looking for a new rate at least 2-3 months before the 2 yr deal comes to an end.

[Rayne]

5years plus not re doing it in two years and possibly a higher rate and more fees being charged. You can overpay upto 10% of your mortgage per year without penalties, this will help you when you come to re-mortgage in 5 years time.

[Gillian]

My 5 y 1.24 rate finish’s in 2026 so hopefully rate will be down a bit , I will have 8 y left.

[Joanne]

In May, we did a 5 year fix at 4.5%. Went up by £80 a month. We had the option of 2,5 or 10. We decided that 5 was the better option for us. 2 years just didn’t seem long enough, can see unpredictability going on for a bit longer yet.

[Lisa]

We did a 5 year fox due to start at the end of this month rate of 3.91% we have certainty for 5 years, also we are very lucky to have a lower rate so looking to pay off extra to help reduce the length of our mortgage.

With how things are at present for our circumstances knowing what we are paying for 5 years is a relief for our situation. X

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[Trisha]

I didn’t tie in when my fixed rate ended, I was on 1.29% ,I went with a tracker and currently on 6.24%….none of the fixed rates would be any cheaper for me now …so tie in to whatever suits you.

[Janet]

We have gone for the 2 year fixed, we where on a standard variable for a while, but notice we were paying about 9% it was about 3% higher than the Bank of England. Luckily we have paid quite a huge amount of so the 2 year fixed will be the same as the deal we had before. I think the rates are going to go up for at least the next two years, so I would lock in for longer.

We are hoping to pay extra off so we have it finished in two years.

[Sam]

We renewed 2 months ago and went with 2 yr fixed in the hope that it will rise but come down a little - however now I’m worried 2 years won’t be long enough -- it changes all the time, there’s no crystal ball so you can only do what you can afford and go with gut.

[Suzanne]

The bank of England announcement the other day that the average households mortgage is set to rise £500 by 2026 suggests that the 5 year would be better choice.

No one can say for sure but if the people who raise the interest rates say 2026 at the earliest I'd want to protect myself beyond that date.

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[Sarah]

Think it all depends on your personal situation if you prefer to know where you are for budgeting a 5 year fixed might be best..if you wanna take a chance go for the 2 year fixed but just think if rates go higher could you afford the extra?

Some 5 year fixes are better rates then 2..but if rates go down you be paying more over term on a 5 year fix then a 2

[Vicki]

5 years as my mortgage advisor suggested 2 years was a gamble but in 5 years things should be a bit more stable. I fixed for 2 years last time because I had to get a high rate mortgage and I knew my situation would be better now, if I'd known what was going to happen I'd have fixed for longer because that 'high rate' was 4.2%!