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Should we get a two-year fixed-rate mortgage?

The Guardian
Updated
Terraced houses
Homeowners could feel the squeeze if interest rates rise rapidly. Photograph: Dominic Lipinski/PA

Every week a Guardian Money reader submits a question, and it’s up to you to help him or her out – a selection of the best answers will appear in next Saturday’s paper.

This week’s question:

We are coming to the end of our two-year fix and are remortgaging the £175,000 loan. Should we go for another two-year deal or fix for five years? Are interest rates really going to go up that much? Will a five-year deal be too restrictive? We both work, earning £57,000 as our household income, and have no children so far.

Do you have a problem readers could solve? Email your suggestions tomoney@theguardian.com or write to us at Money, The Guardian, Kings Place, 90 York Way, London N1 9GU