2,3 or 5 year fixed term mortgage

Flourish

Moving up to a bigger mortgage (eek), and new home, and have decided on a fixed term mortgage. Now need to decide on 2, 3 or 5 years? I've been offered 4.34% on 2 years and 4.79% on 5 years (16-17 year mortgage). £10,000 is interest only for 3 years...based on a v conservative estimate of an endowment with Norwich Union. Any thoughts? Like most people finding this a bit of a confusing maze! Would appreciate any thoughts...simple expressed...

sandydog_2

I've been thinking about this aswell. My main consideration is how quickly our circumstances could change. Since DH is always concerned about his job, and because we will be paying out potentially 4 times our current mortgage when we buy our new house, I'll probably only take a 2 year fixed.

Penalties are quite high, and would really hit us if the worst did happen.

Hope that helps!