Need advice on 10 year fixed rate mortgages??

[smileboo]

Our mortgage is due to be renewed next month and I have only just started to shop around for quotes. We're struggling to decide whether to commit to a ten year fixed rate loan. I think it's quite competitive, however, I am a complete novice with financial mattters!

I'm hoping someone can give me the low down on 10 year fixed rates deals! We need security with our payments but is ten years a bit of a gamble to be tied to given the current financial climate?

What is the rate? Long term thinking, the rates are fairly low at the moment. We once had a fixed rate of 13.49% and that was good
If you can afford the payments and the rate is reasonable, I would go for it, I think. Then you will have ten years not having to worry about rate changes.

DH and I talked to an IFA about an increase in mortgage recently and she was fairly sure there'd be another cut or two in interest rates this year. Therefore it might be worth waiting a few months before comiting to such a long time.

Thanks for the responses. We've found a fixed rate at 5.15% and another for 5.74%. Obviously the first sounds more appealing!!

DH is far more convinced on commiting to a ten year, however, I am more sceptical. We can afford the monthly repayments that have been quoted but only just. If only we had a looking glass to predict the future

smileboo if you want any advice my dp can help here it free and he independant so can search whole of market for you

Smileboo - can I as who its with, we need to remortgagae and a 10 year fixed rate at that rate sounds good. I would do it.

ASK who its with.

pls tell me who it is with too, i am looking for a longer term rate.