Our MD, Andrew Montlake AKA Monty, appeared on last week’s ITV Martin Lewis Money Show Live as a panelist again last week. He’s becoming a regular!
He discussed all things mortgages and assisted Martin in answering the burning questions the public had on the current mortgage market and rate rises.
When asked by a member of the public who was about to renew her mortgage deal and wanted to know if she should go for the two-year or five-year deal, Andrew Montlake, concluded it was a “tricky” question and that it all depended on the homeowners’ circumstances. If homeowners believed that interest rates would have fallen by that time and they “could afford to be wrong”, then the two-year deal could be “a good place to go”.
Alternatively, a five-year deal could be looked at as an “insurance policy”, Montlake said. “If you are going to stay up late, worrying about rate rises, …. a five-year fix might ease that peace of mind”, the expert added. Martin concluded that it all depended on how important that certainty was for the homeowner.
It was a successful show that hopefully gave some clarity and advice for people with current mortgages approaching the end of their term or aspiring home buyers who will be looking to obtain one in the future.
See a clip from the Martin Lewis Money Show Mortgage Special here:
It’s the question on many homeowners’ lips…🗣 “Should we be looking at variable deals now or waiting for the fixed rates to drop?”
— The Martin Lewis Money Show Live (@itvMLshow) July 17, 2023
You can watch the full episode and other episodes of The Martin Lewis Money Show on ITVX
If you want to ask Monty a question or speak to one of our friendly advisers about your mortgage please click here.