Whether you are moving up the property ladder or you are taking that milestone first-step to home ownership it’s an exciting time! Having worked hard saving up for a deposit you are now ready to start the next chapter in your life – but there’s plenty to consider about your mortgage, and it can be confusing!
One of the key things to consider, if a fixed rate mortgage is your preference, is how long should you fix it for? 2-year, 5-year, or possibly 10-year? How do you know which option is right for you and your personal circumstances?
Using Guild Mortgage Services will give you comfort in the knowledge that you’ll get the mortgage deal best suited to your personal needs.
How do I know how long to fix my mortgage for?
There are a whole range of factors that you will need to consider when deciding how long you would like to fix your mortgage for.
Mortgage rates are currently at near-record lows and the difference between 2-year fixed rates and 5-year fixed rates are closer than they have been for some time. Different rates on different length fixes are important to consider as they will have a direct impact on your monthly mortgage repayments.
Also, if you’re a first-time buyer, home mover or someone who’s fixed rate mortgage is about to end with only a few years left on your entire mortgage term, your circumstances are going to be different, and it’s hard to know what option is most suited to you.
Whatever your situation, we will be able to consider a range of different products from a whole host of different mortgage lenders and find the deal that’s right for you.
If you’d like to discuss how long you should fix your mortgage for, contact us today!