2022 - Fix Mortgage? For how long?

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presidenttttt

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About to draw down, at about 57% LTV.

Will be using Haven or EBS as they engaged with complex approval.

Fixed seems to be the logical decision these days, but for how long?

Can we expect inflation and interest rates rising to start banks raising rather than reducing mortgage rates? And if so, should I be grabbing the longest possible fix term ? Or should I expect more competition, fix for a short period with the idea of reviewing lender in 1 or 2 years.

I am too young to remember the days of double digit mortgage rates! They sound like very dark days!
 
Some of the current long term fixes seem to me like a once in a generation opportunity.

I have no idea what the future will bring but these deals are excellent, seeing and seizing a good deal is financial wisdom.

Hanging on to see if a better deal might be available next year is speculation, which may pay off or may go badly wrong.
 
If you make a decision to fix for a longer term, then you should widen your choice of mortgage lenders.

If you insist on EBS or Haven, then you should look at what rates they are actually offering.

The longest term EBS offers is 5 years, whereas Haven has a 10 year fixed rate.
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As EBS's variable rate for 57% LTV is 3.5%, then you would fix for 5 years.

But Haven has lower rates and offers a 10 year rate.

However, you need to factor in the cash back and whether your qualify for it with Haven or not.



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