Fix mortgage - advice needed??

paddy111199

Hi all, I have 31 yrs left in mortgage.

Current: Variable rate at 3.23%

Been offered fixed interest rates of:
3 years: 4.7%
5 years: 5.3%

What do you all think??

muffler

Moved from Prices/costs

Gurgle

paddy111199 wrote: »

Hi all, I have 31 yrs left in mortgage.

Current: Variable rate at 3.23%

Been offered fixed interest rates of:
3 years: 4.7%
5 years: 5.3%

What do you all think??

Depends on who you're with and how much you owe.
Banks are raising or thinking about raising their standard variable rates, has this already happened to yours?

The 3-year fixed rate doesn't sound too bad, gives you the security of no surprises and 3 years should see the credit crunch easing off.

bills

the fixed rates seem very high to me

Ogham

I would stick with the variable . If you can afford the fixed rate repayments - put the difference aside each month in a savings account - use it when the rates go up.

MRBEAVER

Fixed is very high. I would also take the variable.

elchanco

those fix rates are a bit high. I would advise fixing at 4% or under... if you can get it? Im coming off a high fixed rate of 5.7% in a few weeks & have the same dilema... let me know what you decide