In the last couple of weeks, I have signed more people up for longer, five or 10-year-fixed rate mortgages than I have for many years.
And that’s a good and sensible thing, as we are going through a very uncertain period.
At home, the cost of living is rocketing, inflation is rising and to combat it, the Bank of England has just raised interest rates again. Abroad, the conflict in Ukraine is causing worldwide uncertainty.
Little wonder that people are looking to fix at least one of their big bills for a while.
Fixing your mortgage rate for five or 10 years means you will know exactly how much you will be paying each month during that period. Even if other bills soar, your mortgage stays the same.
The only risk is if interest rates do come down, you might be paying too much. I have no crystal ball, but I can’t see that happening any day soon.
If you are currently on a variable rate or are coming to the end of a deal with your lender, my advice would therefore be to fix your mortgage for five or 10 years and rest easy.
And I wouldn’t hang around.
Mortgage lenders have been offering longer-term fixed mortgages on competitive terms, very close to the rate they have been selling two or three-year fixed rate deals.
But as more and more people decide to fix for longer, lenders have been changing their rates quite often.
I’ve got access to all the best mortgage rates available so if you are eligible, please get in touch and we’ll get the ball rolling on getting you a long-term fix.
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