Decide Whether to Fix or Track Your Mortgage Rate

Your deal is ending and it's fixed certainty versus a tracker that moves with the base rate. This explains in plain terms what each actually means, what happens to your payments under each if rates move, and how your own appetite for risk should weigh in. For anyone remortgaging and unsure which way to jump.

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Your current mortgage deal is ending and you must choose between a fixed rate and a tracker or variable rate. The decision involves predicting interest rate movements and assessing your personal risk tolerance.
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**Step 1: Understand what you are actually choosing between**
Explain the difference between a fixed rate and a tracker in plain terms, including what happens under each if the base rate rises or falls significantly.

**Step 2: Assess your personal risk tolerance**
Consider: how would your finances be affected if your monthly payment increased by [amount]? Could you absorb that comfortably, with difficulty, or not at all?

**Step 3: Consider the current rate environment**
What does the current market expectation for interest rates suggest about which option is likely to cost more over a two or five year period?

**Step 4: Make a recommendation**
Based on your risk tolerance and the rate environment, recommend Fixed or Tracker with the key reason.
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- A plain-English comparison of both options
- A risk tolerance assessment
- A recommendation with one key reason
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