indcidentally, swap rates are here
http://www.swap-rates.com/UKSwap_extended.html
this is basically the rate your bank will pay to borrow money in bulk from another bank. You should normally expect to pay around 1% over this on a mortgage (aka the spread).
historically, swap rates sit a little higher than the boe rate (maybe .5% or so) – the 2 year swap is around 1.5% – so that means over the next 2 years, the banks expect the boe rate to average around 1%. The 5 year swap is currently around 2.5%, so the banks are looking at an average boe rate of 2% – maybe 6 months at 0.5%, a year at 1%, a year at 1.5%, a year at 2.5%, a year at 3% then 6 months at 3.5%?
they probably know more than the average forum poster (me in cluded) but then banks have been wrong before 🙂