Which mortgage offer should I take?



I have been made two offers of a re-mortgage by my lender.

The first is the bank's standard variable rate of 7.00%. With this
offer there are no fees and no penalties for early repayment.

The second is bank rate (currently 5%) plus 1.99%. With this offer
there are no fees but a 3% early repayment fee for the first 12

As they are both roughly the same and I don't expect to repay the
mortgage in the next year, is there any advantage of the bank rate
based mortgage over the bank standard rate?



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