Moving to fixed rate - how long to fix?

[Clebourne]

I'd be very grateful for any advice on how long to fix our mortgage rate for. Went through a big ordeal to switch mortgage over to BOI who have lower rates - we are thinking 2 or 3 years (2 years @3.15% or 3 years @3.6%)
Cheers, Clebourne

 

[niceoneted]

I am not a fan of fixed mortgages at all. If I were to choose one of them that you select I would go for the 3 yrs. I would also think of asking if you can put part of mortgage at fixed say 70% and the other 30% at variable. This will allow for you to pay money off that part of the mortgage without penalty.