Should I fix my mortgage?
Andrew Lea: Well I think it’s an interesting question and I think it depends on both personal preference and how you like to manage your finances.
You will always see a lot of guidance in newspapers that might push people towards fixed rates, where the interest rate environment fluctuates, but it’s very much how you would wish to control your finances.
If you would value the security of having a regular payment each month then yes, by all means, fix for a period and then there is no further worrying.
If however, your finances are a little bit more flexible and you wish to take advantage of low rates and therefore a discount offer or tracker mortgage might be more affective, and you can balance the amount of payments as the interest rates change, then again, it’s down to personal preference you may choose to take something that is more standard but variable.
Top mortgage tip
Ok, well in terms of fixed rate mortgages, for example, it’s always tempting to try and second guess the market, but the truth is nobody knows when interest rates are going to change, but if you are worried about interest rates going up and you feel that you would have sleepless nights over how your payments would rise then it’s always important, I think, to consider strongly a fixed rate mortgage to give you that comfort of knowing what your monthly payment will be.