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Should you get a fixed-rate mortgage?

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.

Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.

Fixed, variable, two-year, five-year… when it comes to mortgage options, it might seem like they’re never-ending. How do you know which one is right for you? There are pros and cons to each type of mortgage, but the fixed-rate mortgage has been having a recent renaissance. Is now the right time to fix your mortgage rate?

Fixed-rate mortgages overview

Simply put, with a fixed-rate mortgage, your interest rate remains unchanged – fixed – for the entire initial period of your loan. This is usually done in two to five-year periods, but you can find longer terms, from 10 to 25 years. Up until recently, the low Bank of England base rate has meant that these types of mortgages have been extremely popular. But with all the rate hikes over the last few years, is a fixed-rate deal still the best option for you?

If you managed to score a longer-term fixed-rate mortgage in the last few years, you can be secure in the fact that you don’t have to think about base rate increases for a long time as your deal has been locked in and will stay that way for years. Knowing this expense won’t change is great for financial stability and a massive bonus when it comes to budgeting. 

However, the current base rate is the highest the Bank of England has seen in 16 years, coming in at 5.25%. Bank of England governor Andrew Bailey has stated that with inflation easing closer to the target of 2%, rate cuts could be in the future. If you’ve been hesitant about fixing your mortgage because of the current rates, it might be time to start thinking about your options. 

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The pros and cons of a fixed-rate

Here are some advantages and disadvantages for you to consider when deciding on your next mortgage:


  • Stability with consistent payments – A fixed repayment amount each month will help you budget and plan, something that is crucial, especially during a cost of living crisis.
  • Protection against increases – Even with the possibility of a rate cut looming, the rate will always be subject to change. When you’re protected against rate hikes, your payments will always stay the same. 


  • The rate could go either way – Locking in a great rate when interest rates are rising is the ideal scenario, but you could end up kicking yourself if rates go down. Usually, you’ll be able to tell the trend of the base rate to make an informed decision, but there is no guarantee.
  • Timing might not be right – If you are locked into a rate, you will need to wait until your term ends to take advantage of lower rates. Unfortunately, this means that your initial period might be up during a time of high interest rates and you’ll just have to make do with the rates in the market — which might be higher than you might have already been paying. 

With careful planning and budgeting, you can make any mortgage deal work, but a fixed rate lends that extra level of stability so many people need during tough financial times. Ultimately, the decision is yours, but you don’t have to make it alone. 

Ready to dive into the mortgage market?

While there are both advantages and disadvantages to securing a fixed-rate mortgage, a fixed rate can help ease some strain during times of financial uncertainty and high interest rates, despite the possibility of being unable to take advantage of lower rates when they drop. 

Dental & Medical Financial Services are specialist mortgage providers to the medical and dental sectors, and we are confident that we can help you with your mortgage options. If you’re in the market for a new mortgage or are wondering what your remortgaging options are, contact the experts at Dental and Medical Financial Services today.

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