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HELP! 3 yr or 5 yr fix mortgage?

3 replies

MaryBS · 03/07/2008 14:58

The APR is about the same for both, our mortgage ends in about 5.5 years. I know all about certainty and whether we want that.

Is the consensus amongst those in the know that interest rates are going to rise much over the next 3 years, in which case we should go for a 5 year fix?

What do you reckon

OP posts:
nannyL · 03/07/2008 18:48

i think we would ALL love to KNOW

anyone got a crystal ball?

lalalonglegs · 03/07/2008 19:36

Go for five years because arrangement fees are so much at the moment thatcould well tip balance.

MaryBS · 03/07/2008 19:41

There isn't an arrangement fee on the 5 year, but what Nationwide do is give you the APR including the arrangement fee, so I was able to compare 'fairly'.

We ARE tempted by the security of the 5 year, but whatever happens we are going to be stung very badly because our current rate which is ending is 4.69%

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