Adam's put a lot of really good advice down for you there. Just to add to what he's put, when looking at the monthly repayments don't just look at what they are now, look at what they could be if interest rates go up to X. Unfortunately they can only go one way from here (although I hope they stay where they are for quite a bit longer yet!). You've then got to use that information to decide whether you'd still be happy with a variable rate mortgage, or whether you'd prefer the certainty of getting a fixed rate one even if it costs a bit more today.