BELFAST CITY CENTRE: 028 9013 7392 | EAST BELFAST OFFICE: 028 9560 9410 | ORMEAU ROAD, BELFAST: 028 9521 9349 | LISBURN RD BELFAST: 028 9521 9351 | DROMORE: 028 9210 6060 | LISBURN: 028 9279 4300 | ARMAGH: 028 3743 0770 | LURGAN: 028 3898 4004 | DUNGANNON: 028 8747 0270 | COOKSTOWN: 028 8673 1055  | COALISLAND: 075 6180 7334

Contact Your Local Branch
BELFAST, CITY CENTRE: 028 9013 7392
BELFAST, EAST OFFICE: 028 9560 9410
BELFAST, ORMEAU ROAD: 028 9521 9349
BELFAST, LISBURN ROAD: 028 9521 9351
DROMORE: 028 9210 6060
LISBURN: 028 9279 4300
ARMAGH: 028 3743 0770
LURGAN: 028 3898 4004
COOKSTOWN: 028 8673 1055
DUNGANNON: 028 8747 0270
COALISLAND: 075 6180 7334

How Long Should I Fix My Mortgage For in 2024?

by | Jan 5, 2024 | Uncategorized | 0 comments

This blog is brought to you from our team at The Mortgage Clinic in Lurgan. Our team always finds that sorting out your mortgage in 2024 is always at the front of everyone’s minds this time of year. You know how mortgage rates are always hopping around? Well, it’s super important to keep up with these shifts. Picking how long to fix your mortgage isn’t just about crunching numbers; it has to fit your life plans, and how much risk you’re happy with. So, let’s dive into this together and figure out what works best for you.

Okay, let’s take a quick flashback to this past year. It’s been a bit of a rollercoaster, hasn’t it? The Bank of England’s base rate shot up, and yep, you guessed it; a bunch of lenders followed suit and hiked up their fixed rates too. But here’s a bit of good news: since August 2023, we’ve seen these rates starting to come down a bit. They’re still on the high side, though. What does this mean for you? Well, it’s more important than ever to think smart and strategize when picking out your mortgage. It’s all about making a move that works for your wallet and your future.

Figuring out the best mortgage path can be confusing when you’re not sure where that path will lead you, right? That’s exactly where a helping hand from a professional mortgage broker makes a world of difference. Here at The Mortgage Clinic in Lurgan, our team is like your personal GPS for mortgages. We’ve got the experience, the know-how, and an array of awards.

Together, we’ll look under every rock for options that might save you money, like special schemes for lower interest rates or smart ways to adapt to market changes. Our mission? To find you a mortgage plan that fits like a glove, uncovering choices you might not even know you have. Ready to team up? Let’s kickstart this adventure and carve out the best mortgage path for you in 2024.

What is the average fixed mortgage interest rate?

Let’s break it down. Right now, these rates are changeable and depend on how long you’re fixing the mortgage for. Picture this: for a typical home loan with a 2-year fixed period, you’re looking at an average rate of about 5.95%. If you stretch that to 5 years, the rate averages out to around 5.57%. Keep in mind, these numbers are like snapshots of today’s market and could shift with the economic tides and central bank decisions.

Usually, the fixed rates are a tad higher for those specialty mortgages or longer fixed periods. Why? This is due to there being a bit more uncertainty, and lenders like to play it safe by nudging up the rates a bit.

But remember, these averages are just a starting line. Your own rate is going to be personally unique; influenced by your credit score, how much you’re putting down, your property’s value, and where you stand financially. That’s why we’re here at The Mortgage Clinic in Lurgan to help you sift through the numbers and find a rate that’s tailor-made for your situation, steering you towards the best financial decision for your future.

Let’s Chat About the Perks of Fixing Your Mortgage

Locking in your mortgage rate has its share of cool perks, especially when you’re after financial stability and a clear forecast of what lies ahead. Here’s the scoop on some big wins:

Say Goodbye to Interest Rate Surprises

When you fix your mortgage, the rate you sign up for stays put, no matter how the market jumps or dips. This means your payment stays the same, giving you a solid game plan, especially when rates are playing leapfrog and heading up.

Savings in Your Pocket

Ever noticed those extra fees popping up when you remortgage, like those pesky arrangement fees? They can add up. Sticking with one mortgage for longer can help you dodge these costs. But hey, it’s all about balance. Sometimes, switching to a sweeter deal, fees and all, might be the smarter move in the long run. Chatting with a mortgage broker can help you weigh your options.

A Shield from Lender Rule Changes

Lenders like to shuffle their rules now and then, which can make remortgaging a bit tricky. A fixed-rate mortgage acts like a shield, keeping you safe from these changes for a while. If you’re thinking about remortgaging later, sticking with your current lender might be your best bet.

Steady as You Go Through Life’s Twists and Turns

Life throws curveballs, like switching from a regular job to being your own boss, or maybe adding a new member to your family. These changes can make getting a new mortgage a bit tougher. A fixed-rate mortgage gives you a steady ground during these shifts, letting you focus on what’s important without mortgage worries.

In a nutshell, fixing your mortgage is like having a reliable buddy in the world of finance. It shields you from rate hikes, saves you money on extra fees, keeps you safe from changing lender rules, and gives you a steady base during life’s big changes. For many homeowners, this mix of predictability and protection is a real game-changer.

Is Going Fixed-Rate the Way to Go?

If you’re someone who loves certainty and a clear plan, then a fixed-rate mortgage might just be up your street. Sure, you might pay a bit more than a variable rate in the long haul, but the peace of mind from knowing exactly what you’re paying each month? Priceless. It’s perfect for those of us who like to keep our finances in check.

Now, for the more adventurous who don’t mind a bit of financial escapade, a variable rate mortgage could be more up your alley. These rates can go up and down with the market, which might save you some cash over time. Although what we would say if you need to be prepared for the highs and lows. If you’re cool with that and can handle the ups and downs in your monthly payments, it could be a great fit.

If you’re in the variable-rate boat and spot lower fixed rates on the horizon, you might think about jumping ship to lock in that sweeter deal. Just remember, it’s a bit of a gamble, since rates could hike up before you make the switch.

Here at The Mortgage Clinic in Lurgan, we’re all about finding you a mortgage that’s as unique as you are. Whether you’re pinching pennies for your deposit, sweating over the lender’s affordability checks, or just looking for something a bit different, we’ve got your back.

We’re here to guide you, step by step, on your home-buying journey, offering the best advice and a shoulder to lean on. Drop us a line for a free, personalised chat about your options. Let’s make your mortgage decision one you feel good about, together with The Mortgage Clinic in Lurgan.

Helmut Elstner

Managing Director – Independent Mortgage Broker and Insurance Advisor

Helmut started working in financial services in early 2012 and founded The Mortgage Clinic in Belfast in early 2015. He specialises in all types of mortgages from First Time Buyer, Co-ownership, Self Build, Home Movers, Remortgages, Debt consolidation, to Buy to Let.

Three Best Rated Winner 2021
Winner Mortgage Broker of the year 2020
Top Rated Advisor 2021 on Vouchedfor