5 yr or 10 yr fixed rate mortgage?

[MrsBobDylan]

Mortgage rates at the mo are lower than when I last fixed. Am very tempted to go for a 10 yr fixed for the security of knowing that if interest rates shoot up, we are stable.

Wwyd? We have recently moved moved to downsize our mortgage and I am currently out of work, possibly for the long term.

Also, what age should we be aiming for to have paid off our mortgage? I married my toy boy so we have been able to keep the term pretty long but even toy boys get older so I'd like to factor this into the mortgage. He is 37 and our current term is 19 years. We have 3 dc together one of whom is disabled and is unlikely to live independently.

Maybe ask on the Money Saving expert website as someone might be able to do the calculations on whatever apr you've been given.

Hi OP

As mortgage rates are so low at the moment, we fixed for 10 years (about 3 years ago).

The only downside of a long term fixed, IMO, is a hefty early repayment charge if you ever need to break the terms.

So; if you are planning to stay in your home (some allow you to port) and stay with your partner, always seems a good idea to fix when rates are low - esp in uncertain circs as we are now.

Re: term. I always think that it's harder to extend the term later but easy to shorten it by overpaying (check your mortgage choice allows this).