i'd be tempted to go for a lifetime tracker so you can get yourself onto a decent deal and sit on it until the credit crunch blows over, rather than say a 2 year deal where you'd have to re-do it in a couple of years and be at the mercy of whatever deals are on the table at that time. trackers also have the advantage that if BoE base rates are reduced then your lender is obliged to follow suit within 30 days (but remember if rates go up then so will your mortgage rate bla bla bla). fixed rates are quite good value at the moment but the fact that they are low points to the likelihood that interest rates are expected to stay fairly low for the short-med term. this month's inflation figures have quashed the idea that the base rate will come down immediately, but many analysts are predicting a reduction in june or july
woolwich, nationwide and C&G (amongst others) have good lifetime trackers on the go at the moment
if you need any help, pm me
PS re: the lifetime tracker at BBR + 0.34% - watch out for the arrangement fee on that, it's likely to be pretty steep!