Mortgages Advice please (fixed ones)

matrixsc

Hi all I'm new here so go easy on me.

I'm just looking for some advice and opions on what people think.
I've just sold my house at last and i'm in the process of buying the house i've been after for months.

I'm with nationwide atm and i'm going to pay my mortgage off with the sale of my new house and start again with my new one. Have a £62000 at the moment and will be needing a £80000 one for my new home.

I will be putting £150k depoist down on my new home as well . So i'm hoping to get a good deal somewhere.

I'm looking to take out a new mortgage over 25 years and fix it. Thats where my problem is i'm not sure if i should fix it for 2,3,5 years.
Was going to go for 2 years but after that i would have to pay set up fee's which range naything from £200 to £500. So i was thinking about 5 years. This way i know what i'm paying and i really can't see intrest rates dropping anymore.

What do people think and why?.

Also does anyone know of any good deals at the moment on fixed rate mortgages.
Allaince and leicester are offering 4.2 % for 2 years whihc looks a good options as theres no tie in's after the 2 year period is up.

Thanks for any info i get. (i'm beginging to stress out )

herbiesjp

There are indeed some good 5 year fixed rates at the moment - and as you say they will save you the hassle and fees of re-mortgaging until the 5 years is up