Fixing mortgage, what rate/term?

[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 ask about money knowledge bank. Which would you take and why. We can afford any of these repayment options at the moment I'm just wondering which would be most prudent.

 

[irishlinks]

If Iwas you I'd stay with the variable. Why almost double your rate just in case rates rise to more that 4% in the next 18 months?
If you can afford those higher repayments - then stick the difference in a savings account for 3 years. (Use it if/when rates raise)