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Martin Lewis explains benefits and shortfalls of long-term fixed-rate mortgage
Martin Lewis has outlined the benefits and shortfalls of fixing a mortgage for 10 years.
Discussing rates on his ITV show, the MoneySavingExpert suggested that five-year fixes could be more beneficial unless you are confident you’ll be in your property for a long period of time.
“What we find in reality is that a lot of people find 10 years a bit too long,” mortgage broker Monty told Lewis.
“A five-year fixed-rate period for most people seems to be much more preferential,” he added, explaining that avoids becoming stuck with “repayment penalties and tie-ins.”
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