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“Why You Need to Fix Your Mortgage Now” Says Our Money Saving Expert, Chris Spurgeon

Our very own money saving expert, Chris Spurgeon shares why now is the right time to fix your mortgage – and which option might be best.


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


Lending interest rates have remained low for more than a decade. Even with a small increase in the Bank of England base rate last year, there are still good deals to be found from mortgage lenders. However, there is uncertainty in the market with Brexit, a slow housing market and the expectation that the base rate might rise again soon.

“With this in mind”, says Chris, “Now is an ideal time to lock in a fixed rate mortgage and bring yourself some financial certainty over the next few years”.


What’s happening in the market?

There is increasing competition between mortgage providers to attract new customers, likely due to the slow housing economy and political uncertainty.

If you are on a standard variable rate (SVR), you should shop around now for a fixed rate. Chris explains that usually you will find that the SVR you are automatically switched over to after a deal ends is higher than finding a new fixed rate deal. So, to save money you should always try to move to a new deal before your current one expires.


Should you choose a 2, 5 or 10-year fixed rate mortgage?

As with all financial decisions, the best option really depends on your personal circumstances – which includes your current financial situation as well as your personal goals.

However, as a guide, it seems that a 5-year mortgage could offer you the best value right now, with rates falling to their lowest in over a year this month.

According to Martin Lewis, the original ‘money saving expert’, the cheapest 5-year fixed-rate mortgage is currently 1.79%. You can find a 2-year fixed rate mortgage from around 1.39%.

“You should of course, always remember to compare interest rates, fees, monthly payments, what rate it reverts to after the fixed period ends, and check your loan to value (LTV) ratio to find the best mortgage for you”, says Chris.


Making your way through the minefield of mortgage options

If you’re time poor, more comfortable talking financial decisions through with an expert, or are unsure which route is right for you, then working with a reliable independent mortgage broker is a good idea.

They should be able to help you navigate the complexities of the numerous options available to you so you can see which would see you financially better off in the short and long term.


About Chris Spurgeon

Chris is a CII qualified mortgage and protection adviser, who has been at Dental & Medical Financial Services helping dental and medical professionals with their mortgage challenges since 2006.

As our very own mortgage money saving expert, his specialist expertise is in providing support and guidance in challenging market conditions. Here he helps professionals throughout the whole process from initial market advice through to illustrations and recommendations. Find out more about Chris.


Need help finding the best fixed rate mortgage?
Mortgages | Buy to Let | Property | Mortgage Planning |

Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years. Call Chris to discuss your options.

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