Fixed term rates - 2 or 3 years term?

[mili2803]

Hi,
Im going to take a mortgage (70% ltv). I have choice one of two banks (ICS and Haven). My broker has recomended to go for 2 years fixed term = 3,7% ICS
Haven has 3,99% 3years fixed. What would you go for in current economic climate?
thanks for any recomendations

 

[NorfBank]

Impossible to say without knowing more about your situation unfortunately.

My general advice would be to split the mortgage

- fix the majority of the mortgage for as long as possible once you are happy with the limitations of a fixed rate i.e you cannot vary the repayment terms.

- put some of it on a variable rate which will allow you to overpay and/or pay back lump sums.

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