Should you fix your mortgage? | 2 or 5 year fix - WHICH IS BEST?

In this video, Damien provides an in-depth overview of the mortgage market, covering the different types of mortgages available, including fixed rate, variable rate (tracker and standard variable), discount rate, and offset mortgages. I then provide an update on the current mortgage market, explaining what type of person should fix and whether a 2 or 5 year fix is best.

Key insights:

The different mortgage types include fixed rate, variable rate (tracker and standard variable), discount rate, and offset mortgages
The Bank of England base rate has a strong influence on mortgage rates, but the relationship is not linear
Overnight index swap rates can provide an indicator of future interest rate predictions
Factors beyond just the base rate, such as gilt yields, politics, and lenders' access to capital, also influence mortgage rates

See our regularly updated article on the market's latest predictions -https://moneytothemasses.com/owning-a...

00:00 - Is now the time to fix your mortgage?
00:55 - What is a fixed-rate mortgage?
01:17 - What is a variable-rate mortgage?
02:20 - How does an Early Repayment Charge (ERC) work?
03:15 - Should you choose a fixed or variable mortgage?
06:00 - Latest Bank of England interest rate predictions (January 2025)
07:33 - Best fixed-rate mortgage deals in the UK
08:15 - Best tracker-rate mortgage deals in the UK
09:39 - Working out how much a mortgage rate increase will cost you when you remortgage
11:12 - Should I fix my mortgage?
11:40 - Should I go for a 2 or 5 year fix?
12:46 - Should you use a mortgage broker?
13:23 - Pros and cons of going for a fixed-rate mortgage
13:40 - Pros and cons of going for a tracker mortgage
16:46 - When should you start the process of remortgaging?

Check out our article, "Remortgaging in 2025 - is now the right time to fix & for how long?" - https://moneytothemasses.com/owning-a...

Use our Mortgage Repayment Calculator to quickly calculate the impact of an interest rate rise on your mortgage payments
https://moneytothemasses.com/mortgage...

Check out our article to find the best mortgage rates in the UK - https://moneytothemasses.com/owning-a...

More information can be found in our article https://moneytothemasses.com/owning-a...

If you don't already have a mortgage broker, then you may want to check out our article "VouchedFor Review: How to find a financial adviser" - https://moneytothemasses.com/saving-f...

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Since 2010 Money to the Masses has been helping people with their personal finances for FREE. Money to the Masses is one of the UK’s leading independent personal finance websites specialising in all aspects of financial planning including investments, pensions, property, insurance, mortgages, budgeting and saving. We bring together expertly written content, interactive tools and technology to help over 4 million people a year across our platform.

If you are looking to get your finances in shape then check out Damien's FREE Money MOT at https://mot.moneytothemasses.com/

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