5 or 10 year fixed rate mortgage...

[Plate spinner]

New house, new mortgage,

Looking at these two... The 2 year is only marginally cheaper than the 5, so not worth the hassle.

But the 10 is a decent premium over the 5.

Neither have set up fees and both accept over payments.

So just wonderin PHers, what do you crystal balls tell you?

5 Year Fixed Repayment - Fee Saver
60%
1.94% Fixed

10 Year Fixed Repayment - Fee Saver
60%
2.49% Fixed

[LeoSayer]

What's the early redemption penalty and conditions?

How long will you live in the house?

[bogie]

I would fix for 10 yr if I could. Mine has been at 2.5% for quite a few years now, but no fix available at that rate from currently lender. I cant imagine its going lower, but likely some rises in the next 10 years..

[Plate spinner]

They can be ported.

Early redemption on a 3/2/1% time scale over the term.

[rustyuk]

10 Years is a long time, you never know you might need to move.

[NickCQ]

Plate spinner said:

They can be ported.

Portable if you meet their lending criteria at the time you want to move, I presume.
If there are things that will change in your situation (i.e. wife stops work to look after kids) / extra borrowing or higher LTV is required, you could get stuck.

[NickCQ]

Plate spinner said:

Fee Saver

Have you run the numbers on this versus paying the fees upfront?
It depends how big your mortgage is but when I've looked at it in the past for mortgages over £100-150k it's usually cheaper to pay the fees upfront rather than go for the fee saver with a higher interest rate.