Fixed Rate advice please

pampam

My fixed rate on an interest only mortgage is coming to and end.
There are just 5 years left to run on the mortgage and I have been offered the following deals by my original provider, Bradford & Bingley. There are no charges involved in these unless I pay the loan off early. (Not much chance of that!)
The offers are :-
2 year fixed rate @ £231.26 per month. This offer is works out @6.39%.
or
5 year fixed rate @ £234.93 per month. This offer will give me 0.95% off the standard variable rate for the 5 years.

I am 61 years old. I tried claiming on the endowments misselling but was unsuccessful as I took them out prior to 1987, the company that sold them has gone bust and the FSA decided I did not qualify!!

Any advice really appreciated

Thanks
pam

toonfish

with 5 years left if you want to fix I would go for a 5 year rate, rather than 2 and be done with it. Presumably your mortgage is for around £43,500?

You could get 5.58% with the Nationwide - would save you £30 per month for 5 years - there are several better deals available

skysky69

If you fix at a discount off the variable though, would you be able to manage if the interest rates carry on rising?

pampam

Thanks for the advice.
I have checked the woolwich deal sounds good but there is a charge of £595.
I know I would save more than this in the long run but are there any other charges ie, solicitors fees etc?
Thanks
pam

toonfish

sorry it was meant to be Nationwide, not Woolwich - trying to do 2 things at once. There's £499 added to the loan, free valuation and free legal work so you're much better off over the 5 year term