Fixed or floating? Which is right for you?

When advising on a mortgage I’m often asked whether it’s best to choose a floating interest rate or lock in a fixed one.  The answer is always “it depends”.

First I need to understand your financial priorities and circumstances.  Do you have regular surplus income you can use to pay down debt quickly?  Will you receive regular bonuses or commission income?  Do you plan to sell something that could create a lump sum?  Are you expecting an inheritance?

What about changes on the horizon – maternity leave, a career shift or a change in working hours?  And do you have plans to sell the property?

Here’s another key question.  Are you the sort of person who worries about money?  Then you probably won’t be comfortable with uncertainty.

Based on your answers we can design a mortgage that meets your needs.  It may mean hedging bets with a loan that’s split between fixed and floating interest.  This provides some certainty while letting you pay down debt as fast as feasible.

I found out many years ago when working as a banker that all my wealthy clients had got rid of their personal mortgages.  My goal is to find the best combination of fixed and floating interest to enable you to do the same.

Are you thinking about taking out a fixed or floating rate?   Make an appointment