10-year mortgage

[user1480889603]

I'm trying to choose between a 5 year mortgage (no fee) at 1.94% and a 10 year mortgage at 2.49%. I think interest rates can only go up eventually. Would a 10-year mortgage be better? It's portable. 10 years seems like such a long time though.

It is a long time. We just remortgaged onto a 10 year fix. We wanted to set the repayments at an affordable rate but with the option to overpay if we could. We should be in a position to pay it off at the end of the term. If we had a higher balance on the mortgage we probably would've gone for a lower rate 5 year deal.

10 years too long. What if your circumstances changed and you needed to downsize?

5 years at 1.94 seems like a good deal.

Can you over pay and pay it off quicker

Im renwing mine next month and going for 10 years fixed.

reasons being;

Im pregnant
I dont intend to move
brexit scares me
I want to change my career and I need stability and no credit checks!

I could fix for 5/7 but 10 is much more secure like i said - im not moving!

Well, it depends on what you can afford, doesn't it? What are you paying at the moment (rent?) and what would you pay on both those schemes?

I never had a fixed rate mortgage.
The bank are pricing it to make a profit
rates are going nowhere in a hurry
why not just have variable