Interest rates & whether you should choose a two year or five year term...

- Looking to buy or remortgage but concerned about the interest rates? What I would say is try not to be.

- You may well suggest that’s easier said than done, however the property you may be keen to buy, most likely would have had double the amount of interested parties last year.

- If you bought two years ago your home has most likely increased by between 5-15%, anyone who bought 10 years ago traditionally has doubled their money. Property typically is a safe bet.

- Ask parents or grandparents what their interest rate was back in the day, you’ll probably find they were knocking around 10-15%, that doesn’t make 5% sound that bad now does it?

- You want to move but cannot afford that three bed you want, my recommendation to try an alternative area or maybe look at two beds. Otherwise an option is renting which means paying someone’s mortgage, not being able to make the changes to the property you want and run the risk of the landlord selling up a year or two down the line.

- Most mortgages are fixed for a two or five year periods. There are pros and cons of each but do bear in mind there is usually a redemption penalty if you need to get out of the mortgage early. Need some further advise on where the rates are going and to be put in touch with a mortgage advisor...