5 or 10 years fixed

yorksirerose66

Due to remortgage and need to decide between 5 year fixed at 1.79% or 10 year fixed at 2.29%, both are lower than what I’m currently paying, only tied in to 10 year one for 5 years re early repayment penalties etc - Inclined to go for 10 year for peace of mind, not sure what situation will be like in 5 years time if having to Remortgage again - But with the 5 year fixed would save an extra £2,400 over the 5 years - Which to go for is the question??

RelievedSheff

Only you can answer this question. 

Do you have any plans to move house. A lot can happen in 10 years!

getmore4less

how have you worked out that £2,400?

Many people get it wrong and ONLY compare the difference in payments.

Petriix

The five year fix looks good to me. I can't see interest rates rising massively over that time. If you overpay by the difference each month then you will mitigate against the possibility of paying more if rates do go up. 

dimbo61

You need to put the figures in " whatsthecost" and find out how much you would owe after the 5 years.
I would also be inclined to take the 5 year deal and overpay by the difference each month.