I have an AIP as a FTB and rates available to me are 4.69% @ 2 years or 4.64% @ 5 years (the SVR is 3.99%) - I am self-employed.
I'm applying on my own even though I'm married (wife has defaults). We're both working full-time, so affordability is not an issue. I've worked hard this year to get good results, but year on year I may not be able to maintain the same income - not a massive drop but still less than this financial year.
My calcs show me that the balance difference between the 2 or 5 years is in the region of £2.5k over the 5 year period.
So my quandary is when the 2 year fixed ends I may not be in a position to re-mortgage, so would be stuck with the SVR (which could have increased). In 5 years we could have paid more than we needed to for 3 years if the SVR is the same or even lower.
Part of me thinks it's not too likely in 2-5 years that the SVR rate would have increased beyond what I would be fixed at, but another part of me thinks 5 years of knowing what to pay would enable us to take stock for 5 years and work at improving the wife's credit history to then go for a joint re-mortgage application (plus house price may have modestly increased and LTV even better).
I know there's people on here who are both smarter and more experienced at this - any thoughts please?
I'm applying on my own even though I'm married (wife has defaults). We're both working full-time, so affordability is not an issue. I've worked hard this year to get good results, but year on year I may not be able to maintain the same income - not a massive drop but still less than this financial year.
My calcs show me that the balance difference between the 2 or 5 years is in the region of £2.5k over the 5 year period.
So my quandary is when the 2 year fixed ends I may not be in a position to re-mortgage, so would be stuck with the SVR (which could have increased). In 5 years we could have paid more than we needed to for 3 years if the SVR is the same or even lower.
Part of me thinks it's not too likely in 2-5 years that the SVR rate would have increased beyond what I would be fixed at, but another part of me thinks 5 years of knowing what to pay would enable us to take stock for 5 years and work at improving the wife's credit history to then go for a joint re-mortgage application (plus house price may have modestly increased and LTV even better).
I know there's people on here who are both smarter and more experienced at this - any thoughts please?