🏘️ 'I bitterly regret not getting a five year fix' ⬇️ Why our love affair with the two year mortgage might be over
Peter Jackson Eastwood took out a two year fixed mortgage last year, back when we all lived in blissful ignorance of the financial tumult that lay ahead.
“We took what we thought was a calculated gamble but we bitterly regret it now,” said Jackson Eastwood, who works in public relations. Peter, 28, bought a flat in Balham, south London, with his partner, Laura Savage, 30, for £390,000, a loan that will need to be remortgaged next year. Andrew Montlake of mortgage brokers, Coreco, said: “There will be quite a few people who now wished they had taken a five year deal instead of a two year, but hindsight is a wonderful thing.”Up until recently two year fixes were the British mortgage of choice: back in 2016, 57 per cent of people opted for this type of home loan, and just 23 per cent on five-year fixes.
People aren’t just stopping at fixing at five years either: now two per cent of loans are five year or higher deals and the rates are very decent.Not only do fixes currently mean you are less likely to have to remortgage in a world of high rates, but in a rare turn of events, five-yearcheaper than two-year ones. Barclays is offering a two-year loan at 6.34 per cent and a five year one at 5.94 per cent.
Danmark Seneste Nyt, Danmark Overskrifter
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