New fixed rate options

MattC75

Hi all, 
Our 5 year fixed rate is just coming to an end and we have been offered a new 5 year deal which is around £100 a month less than we were paying before (which is nice!)
However they also offered us a 10 year fixed deal around £40 a month cheaper...
I am torn as on the one hand the extra £100 a month would be nice at the moment, however the cautious part of me is thinking that peace of mind for 10 years especially as interest rates are surely only going to go one way...
I am looking for some advice! Is 10 years too long to long in a mortgage deal?

Thanks

lspell1

I'd go with the 5 year personally, but that's just me. I can't see rates going up even in the medium term, but who knows. Worth checking with a Mortgage Broker to see if you can get anything cheaper if this is a product transfer.

investipedia

Unless you think your household income will go up significantly in the coming years, definitely go with the longer rate. Interest rates have NEVER been this low (0.1%) and even if it takes 2 years for them to rise, you will still know you've got 8 years at this rate... bliss!