Getting the most out of a fixed rate mortgage in 2014.

When looking for a mortgage you have a choice between a fixed rate deal and tracker. Which to choose is really down to your financial needs and attitude to risk.

With a tracker mortgage your deal is linked to the BoE base rate, and while this remains low your mortgage rate should too. As soon as interest rates rise however you could find your monthly payments increase.

You may be a person who is happy to take on financial risk for a low rate, however with fixed rate mortgages at historic lows you may find it is unnecessary to take on risk to get a cheap deal.

At present 2 year fixed rate mortgages start at under 1.5% for 60% LTV, and the cheapest tracker rate you can expect at this LTV is 1.29% + base making a total of 1.79%.

While is is true fixed rates are incredibly cheap at present, the prediction is for an interest rate rise which will impact mortgage rates.

For 2014 the prediction is for mortgages rates to increase, so locking into a fixed rate mortgage now makes sense. If interest rates do rise then tracker mortgage holders could be impacted and their costs may increase. Those on a low rate fixed mortgage will however be protected for however long a term they have signed up for.

If you would like to discuss your mortgage options further, you are recommended to seek independent expert advice.

If you call Deal Direct on 0800 048 8828 and speak to an adviser, you can feel confident of ending up with the very best mortgage deal for your deposit level and financial circumstances.

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Contact Deal Direct on 0800 048 8828,

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