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@mikec
That's assuming they will rise. Many forecasters are seeing them stay the same now until possibly 2017 with even a decreas by the end of the year on the cards.
When I took my variable rate mortgage out three years ago, I read all the doom and gloom about how rates will go up. Well there has been no change since then and I have been paying 3% less than what I would have been long term fixed. I wouldn't hesitate to tkae out a variable interest today.
You got to take risks to get what you want in life I reckon