Help me decide which mortgage please....

becominganobsessivesaver

So we potentially have an offer (at much lower than we wanted but hey ho, we're seeing if we can live with it and drive down the price further up the chain).

Anyway mortgage question, we currently have a Woolwich tracker BBBR + .95% which is portable, so don't really want to lose that! (95,000 outstanding). For the remainder we can either borrow 65,000 at 4% and completely wipe out our saving (fixed rate 3 years) or 75,000 at 4.69% (leaving 10k in the bank), this is fixed for 5 years. I anticipate at the end of either term we would look to remortgage to one product. The original mortgage has 18 years remaining, the new product would be 25 years. In either scenario we would look to make overpayments on the higher rate mortgage.

Both have a £499 arrangement fee.

We intend to stay in the house for at least 5 years.

Which one would you go for???