Best Fixed Rate Term - 5 or 10yr???

Chorlton said:

Hello All,

I'm after some advice and thought I would post my question on here. Any help would be gratefully received.

I'm in the process of buying a house. I am not a first-time buyer as I have had a previous house (& mortgage) which I sold last year as I was going to emigrate abroad.

However, as I have now decided to stay in the UK, I have now decided to buy again. However, I can't decide which Fixed Rate term to go for!!!

I want to go for a fixed rate mortgage so I know what payments I will be paying each month but I can't decide whether to go for a 5 or 10 year fixed rate mortgage. The actual mortgage rate for both these terms is pretty much the same and as the LTV is relatively low on the house I intend to purchase, there isn't much difference in the monthly payments.

Consequently, it comes down to whether I want to be tied in for 5 or 10 years.

Has anyone got any views as to which would be the better option, or any advice as to what points I should consider when making my decision.

Many Thanks in advance for any help,

Chorlton

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