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Which one will be a better option at the minute to have - 2 year fixed rate or a 5 year fixed rate ?

As they are already in process of seeding everyone that the rate will increase initially within this year, so I am a bit worried as my deal is finishing and am wondering if I should go for a fixed rate, but is the 2 year better or the 5 year fixed rate better? as I have read that the prices will go down for the properties in next 2 to 3 years , so no chance of selling and will it be safer to go for the 5 year fixed rate deaL? Pls Advise...........Thnx

Asked on May 7 2011, Home Finance in Loughborough | Report content

Answers (3)

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  • If you need advice on a mortgage or anything financial for that matter, I would suggest speaking with an independent financial broker.

    Answered on May 9 2011, Report content
  • I would check with an Independent adviser who is a specialist in finance and/or Mortgages. Advice is important before you make a commitment.

    Answered on Jun 22 2012, Report content
  • We have recently applied for a mortgage. We went for a 5 year fixed rate. The idea is that the interest rate is at its low. It can only go up and not down. We would happily go for a fixed rate for the duration of our mortgage, but it is not on offer.

    Answered on Jul 14 2012, Report content

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