Re-Mortgage - Fix for 5 year or 2 year?

[Abacus21]

So much in the news about inflation. However I think its a matter of not if we go into recesssion but when. It wont be till perhaps 2023 that we are technically in a recession.

Thing is being in a recession should bring about a reduction of interest rates? Reduces consumption and demand will reduce inflation. Well thats the theory anyway?

I have an option of a 2 year re mortagage or 5 year remortgage at the same rate of 3.05%. I dont want to be locked into 3.05% in say 3 years time with 2 years remaining if interest rates come down?

The house is a place I intend to keep for many more years as well.

What would the minds on this forum choose in my situation? Gamble that interest rates will be declining in 2 years time? Or the spectre of inflation is here for longer?

[Stuart70]

Personally I would fix for 5. The certainty also has a value.

The risk of you wasting money is lower in £££ than the potential saving.

All just in my view, I am not a mortgage adviser and my houses have no mortgage.

[Abacus21]

Yes I am definately leaning to 5 years. It also makes it easier to plan. It never ceases to amaze me how quickly 2 year come around. Why cant there be 3.5 year fixed mortgages?

I can make overpayments but why should I. Let inflation kill off the value of the debt. Who knows what a pint of milk will cost in 5 years time !