1. What is the Martin Lewis Should I Fix Calculator?

The Martin Lewis Should I Fix Calculator helps homeowners compare fixed vs variable mortgage rates to determine the most cost-effective option. It uses proprietary comparison methodology to provide personalized recommendations based on your specific mortgage details.

2. How Does the Calculator Work?

The calculator compares your current variable rate against a fixed rate offer:

Calculation Method:

• Calculates monthly payments for both rate options
• Compares total costs over the remaining mortgage term
• Considers interest rate differences and compounding effects
• Provides clear recommendation based on cost savings

3. Importance of Mortgage Rate Comparison

Details: Choosing between fixed and variable rates can significantly impact your monthly budget and overall mortgage costs. This calculator helps make an informed decision based on your specific financial situation.

4. Using the Calculator

Tips: Enter your current variable rate, the fixed rate offer you're considering, your remaining mortgage balance, and the remaining term. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Should I always choose the lower rate?
A: Not necessarily. Consider rate stability, early repayment charges, and your financial flexibility when making this decision.

Q2: How accurate is this calculator?
A: While based on standard mortgage calculations, always consult with a mortgage advisor for personalized advice.

Q3: What about early repayment charges?
A: This calculator focuses on rate comparison. Consider any exit fees from your current deal separately.

Q4: Should I consider future rate predictions?
A: Yes, but predictions are uncertain. This calculator compares known rates rather than speculating.

Q5: Is this suitable for all mortgage types?
A: Best for standard repayment mortgages. Interest-only mortgages may require different calculations.