23rd May 2019

Whether you are buying or remortgaging there can be value in long term fixed rates. You benefit from security for a set period and can plan more easily without the risk of interest rate rises. You should take some time to think about whether a longer term fixed rate is right for you now and in the future. In most cases you will be “tied in” until the end of the deal, and this may be restrictive or expensive if you decide to move.

An Early Redemption charge can be quite large, especially in the early years of a fixed rate deal.

Check if any mortgage deal you plan to use is portable, as this means that you can take your fixed rate with you, as long as you meet certain criteria of course.

Take independent advice before making any decisions. It will give you another perspective based on your overall circumstances and plans you have for the future