Remorgage dilemma!

greigc

Hi,

I have 2 deals I am looking at one which is 5years fixed at 5.09% and one which is 10years fixed at 4.98%. I am reducing the term of our mortgage from 23years to 21 years and I'm just wondering what people thought about the length of the mortgages. Would it be wise to commit to 10 years? I reckon that if i was to change again with fees etc added in it would be better just to go for the 10 year deal, but there again its a long time!

Any opinions welcome.

Thanks in advance!!!!

UK007BullDog

Only go 10 yrs if you are 100% sure you are not going to sell. Having said that you might be able to port the mortgage over to a new property and even top it up if income will support it. Better ask. And better get a move on as the Bank of England base rate went up today.

Robert_Sterling

As you yourself have shown there are pros and cons.
There is no "right" answer here.
It is your call.

Rick62

I think 10 years is a bit long. Also, if as I suspect, its the Woolwich product it has offically been withdrawn yesterday I think, although you might possible still be able to get it.

a010454

10 years at 4.98 looks a brillaint deal. Rates are ony going one way and it aint down.

MortgageMamma

You can apply for the woolwich product until next weds I think but I'm not sure if thats only through brokers or if they will do it in the branches. It is a good deal, you can't quibble with it, but 10 years is a long time to fix and you don't know what life will throw at you. think very carefully. Is the 5 year deal with lloyds tsb?