what do the fiancial whizzes on here think about 10 year fixed deals

[GColdtimer]

Abbey National have one at the moment, 5.69%, £300 fee, 10 years. We are with the abbey at the moment and just coming off a 4.69 5 year fixed and if we could have turned the clock back, we would have got the 10 year deal at the time.

Does the risk of rates dropping vastly over 5 years outweigh the risk of rates rising dramatically (and then struggling to find a decent deal in 5 years time).

bumpity bump.

twofalls if your interested in looking around my dp can do whole of market he has an ad on here you can mail him for free advice

I would go for that.Interest rates may fall initially but over the long term targeting inflation is key and tehy will rise.They are still historically very low The long term average is 8% i think

I can see the attraction, but tbh I would be very wary of tying myself into a mortgage for 10 years.

What are the redemption penalties? What if you move house? Can you repay it early?

thanks a lot lillyloo, my friend who is an IFA got back from holiday on Sunday and after a chat with him we decided to go for it.

wanderingtrolley - the mortgage is portable, we can overpay/take payment holidays - not sure about the early redemption penalties but as we can over pay 15% a year, we weren't too worried about that.

(we are both self-employed and as our payments are manageable at the moment it gives us peace of mind).