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I hadn't realised that it's only very recently that the UK mortgage market became overwhelmingly fixed-rate
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this post was submitted on 23 Jun 2023
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UK Economy
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I expect to go 5yr again because I know I can afford it and I'm risk averse.
Paying up for a 2yr fix now followed by a cheaper 3yr fix when it expires might work out cheaper overall (if rates do come down in 2025/6 as people expect) but there's enough uncertainty in the economy/politics/geopolitics that I'd prefer not to take the chance.
Mine 5 yr fix ends in early 2027, I think if rates are still high I’ll only fix for 2 years next time, it’s a dice roll but I think eventually we will stabilise around 3-3.5% base rate