Which fixed mortgage interest rate?

[patmahe]

Hi just looking for a bit of advice. 2 years into a 25 year mortgage, currently paying 2.63% variable and have looked into fixing it. Have been offered the following rates.

3 years @ 4.05%

5 years @ 4.60%

10 years @ 5.45%

Since I'm far from a financial whizz I said I'd tap the PH knowledge bank. Which would you take and why. We can afford any of these repayment options I'm just wondering which would be most prudent.

[scirocco265]

Going through the same thing myself at the moment, I always prefer long-term so I know what my outgoings will be, but conscious of the fact I expect to be moving in about 5 years. So personally would go for the 5 year fix, where did you get the 5 years @ 4.60% ?

[scotal]

Are you looking at a mortgage in Ireland Pat?

[patmahe]

Yes sorry should have made that clear, I am based in Ireland. I know most PHers are based in UK but I just wanted to get an idea of whether the rates seem good or not.

[scotal]

A bit difficult to advise, given that we are talking about different currencies.
They aren't bad for GBP rates, although there are slightlty better 3-5 years about, but I have no clue what EUR rates are like.

[patmahe]

Ok fair enough, but lets say you were offered those rates in the morning, which would you pick and why?

[scotal]

Mail on its way Pat.

[patmahe]

scotal said:

Mail on its way Pat.

Recieved and replied.

Thanks

[ringram]

Personally a tracker is always best. No risk premium then.
Better yet a discount tracker and then change after the discount period.

[Welshbeef]

Always go for an offset account. You never have any interest from your savings totally portable the cheapest Loans you could ever have in the future.

Interest element of Self Assessment would have a nill return