Dogleg - a worthy "hijack" topic if ever there was one..!
This topic always causes interesting debate and let's face it, is affected by dozens of variables, but I reckon it boils down to your individual risk threshold.
I haven't "NC"ed the maths by any stretch of the imagination, but I reckon for a 10 year or less mortgage you can't go wrong with fixed. More than that, then you enter the "how long is a piece of string?" realm.
Many who have gone the big mortgage amount/term, it seems, would have been better off if they went variable, as the crossover on the current increase has historically occured at around the 2-4 year point after sign on. I think this would make the variable the winner in 12+ year mortgages, and probably 6 to 1 half a dozen to the other for the 10-12 year mortgage range.
Personally, I prefer the devil you know with fixed. No worries on market variations and a known quatity for the budget. Then again, I'm a boring bastard who will never make real money 'cause I'm as about as adventurous as porn star on her day off.
At the risk of further thread creep, does anyone know of a rumoured revision of the housing scheme in the not too distant future?