Looking for mortgage stability? Consider a fixed rate deal.

If you are averse to taking a risk with your finances and want an increased level of financial stability, then a fixed rate mortgage may be the way forward.

Having your rate guaranteed for an agreed term is one way to avoid a nasty shock should interest or mortgage rates start to creep up.

Some analysts are already predicting that the end is near for cheap rate deals. With the chance that the BoE could increase interest rates next year now could be the time to lock in.

There are various options when choosing a fixed rate deal. You can go for a term up to 10 years, and how long you fix for is very much up to how much you believe those who say interest rates will rise next year.

If you feel this won't happen, don't mind taking some risk and like the idea of regularly remortgaging, then a 2 year fix may suit you best. However not everyone is comfortable fixing for 2 years then hoping that rates won't rise as their deal comes to an end, some prefer to lock in for a far longer term.

The price of a longer term fix is a slightly higher rate, however as 5 year fixes are currently on offer at under 3% it is still possible to get a highly competitive deal.

However be warned that waiting too long before getting yourself locked in may end up costing you more. At present we are seeing 5 year rates inching up, the advice is therefore act sooner rather than later.

When looking for a mortgage whether it is a fixed rate or tracker, you are recommended to search the entire market for the very best deal on offer.

 Click below to compare the market and find the best mortgage for your deposit level.

Make an online search or call 0800 048 8828 and speak to an adviser.