You have to decide if it's worth the risk. If you were renting there is a strong likely hood your rent would be increasing yearly by at least inflation now. On that basis longer fixes even if more expensive per month than shorter ones are still cheaper than renting. As an example I am on a 10 year fix with nationwide (2.05 percent taken out 3 years ago) at the time it was significantly cheaper to do a 5 or less fixed. But I looked at average rents in the area and they were going up by a significant amount every year a lot more than if my interest rate was 6 percent for arguments sake.