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Martin25

Would It Be Better To Get A 5 Or 10 Year Fixed Rate Mortgage?

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From what i've read in 5 years time interest rates are likely to be higher than what they are now, so if your getting a fixed rate mortgage wouldn't it be best to do it over 10 years instead of 5 so you can take advantage of the current lower interest rates?

And am i right in thinking that if you did go for a 10 year fixed rate and came out of it early the penalty charge would be that same as coming out early of a 5 year fixed rate mortgage?

Edited by Martin25

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Usually a 10 year is higher than a 5 year. However you will have the security for longer. Who knows what things are going to be like in 10 years. Did we expect this in 1999?

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