5 year or 2 year fixed ???

kerry13238

hi my current mortgage deal is coming to a end and i cannot decide what to do i have tried to get a mortgage with hsbc and they have turned me down really dont know why cause my credit score is 900 and my my income is enough.
i am currently with the abbey and can only chose from there existing customer products so here is the pros and cons

2 year fixed rate 3.98
fee £300

pros

1. in two years i might be able to change lenders and have a wider choice of products
2. costs less now which would be a help as my kids are 11 and 9 so i can work more in 2 years

cons

1. rates could go up
2. more fees to pay in 2 years

5 year fixed at 5.69
fee £100

pros

1. no what im paying for 5 years

cons

1. monthly payment is higher

what does every body think help would be greatfully apriciated even if its just 5 or 2 no explanation

jb66

whats abbeys standard rate, it must be close to 3.98, you could stay on that for a while

kerry13238

it is 4.24

jb66

i'd be tempted to stay on that for a while, keep an eye on the rates