With the coronavirus causing wild fluctuations on the Stock Market and never-ending worries over Brexit, there is little doubt that these are uncertain times.

Economic uncertainty is a worry for everyone – especially if you are about to take out a mortgage.

Will the Bank of England increase interest rates, pushing up the price of a mortgage?

That is why, at the moment, it is probably wise to fix your mortgage for a while.

If you are taking out a mortgage for the first time, coming to the end of an existing deal or even looking to remortgage for any reason, then a fixed rate seems the best bet.

And with the difference in rates between a five-year fixed rate and one for two years being quite modest, then it is fine to plump for five. You can get a two-year fixed-rate mortgage for just over 1.4%, whilst for five years the rate is around 1.7%.

A fixed-rate mortgage gives you the peace of mind that whatever happens, your mortgage payments will always stay the same. That can be quite nice, especially if you are buying your first home and want to keep an eye on the pennies.

It also protects you against whatever might happen in the coming months over Brexit and the coronavirus.

At the same time, if you happen to have come to the end of a fixed-rate mortgage and are now on your lender’s Standard Variable Rate (SVR) then you can definitely save hundreds of pounds a year by switching to a new fixed-rate deal. The best fixed-rate deals are always cheaper than the SVR which tends to be more expensive.

Estimates suggest around 1.3m homeowners are on standard variable rates, meaning many of those people are paying more than they might.

As a broker, I can access the whole of the mortgage market and get deals that are not available to the public.

For a free, no-obligation discussion on any mortgage or insurance-related issue, please give me a call on 01723 384558 or 07767 692 653 or email me at mgrayshan@googlemail.com