ASK352: How long should I fix my mortgage for? PLUS: Interest-only on your own home?

The Property Podcast

Rob Bence & Rob Dix

Investing, Education, Business News, News, Business

4.8 • 2K Ratings

🗓️ 27 September 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week, Ask Rob & Rob is all about mortgages.

Sam from London wants to know how long she should be fixing her mortgage for, given the discussions about inflation. Should she fix for as long as possible or go with two years?

Rob B tackles this one, sharing details on his own mortgage to help Sam out.

Then we’ve got a strategy question from Tom.

He wants to know if it’s smart to opt for an interest-only mortgage for his residential property.

His idea is to save the difference between the interest-only payments and what he’d be charged for a repayment mortgage.

Tune in to find out.

Do you have a buy-to-let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).

Or if you prefer, click here to leave a recording via your computer instead.

The next question on Ask Rob & Rob could be yours.

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Transcript

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0:00.0	Hello everyone and welcome to Ask Rob and Rob, the show where you get your questions
0:11.0	in and we give you our best efforts at an answer and that format has been running for
0:15.5	a lot of episodes now, let's a popular one, so let's continue that road show and remind
0:20.8	you how you can get involved and get your very own question answered.
0:25.7	So simple, give us a call on 013 808 0035 or go to property hub.net slash ask.
0:32.7	Just come up with your question, send it over and you'll soon have your answer.
0:37.0	Hi Rob and Rob, my name is Sam and I'm calling from London. I have a question about
0:40.7	getting a mortgage and I would like your opinion on how long to fix for given the current situation
0:45.5	with inflation. Is it best to fix for as long as possible given inflation only seems to be getting
0:50.4	higher and higher or would remorcaging again in two years be a better idea if the current environment
0:55.1	has calmed? Thanks for your help, bye. Hey Sam, thank you for your question and so many people
1:00.4	are asking this right now, what should I do about mortgages, whether you're refinancing or taking
1:05.9	a mortgage out for the first time. So let's help you and hopefully lots of other people.
1:11.2	So the first thing to say is it's hard to give you an exact answer because it's going to depend
1:16.4	on your situation. However, I want to help. So let's just take a general situation which is you
1:22.8	wanting to get a mortgage today and you don't care about the rest and you want to get the best deal
1:26.8	possible. Well, if that's the case, then I can tell you what I would do because I want to be
1:32.0	careful here. What I would do is based on the information that I have, I don't have a crystal
1:38.5	ball and I might be wrong. But if it gives you comfort by knowing what someone else is doing,
1:44.0	then I'm willing to share my thoughts because I am going through this process at the moment with
1:48.3	refinancing and also looking to make investments. And the answer is I would go for a two-year fix
1:54.9	rather than say a five-year fix. Let me explain why. The reason I would do that is the margins are
	...

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