Is a long-term mortgage deal really a good idea?

David Field ponders his Christmas mortgage options

Christmas is coming, but Santa's early present-giving has come dressed in the unusual guise of a mortgage lender this year.

According to those media experts ever-keen to state the latest financial trend, the number of consumers choosing long-term fixed-rate mortgage deals is on the rise. This has led several lenders to slash the rates on their long-term mortgage deals in anticipation of increased custom.

Now of course, I'm as aware as the next finance-savvy individual that the mortgage marketing world has no reason to give up the ghost just because we're all keeping one eye on the desolate base of the Christmas tree. However, I do feel as if people should keep their wallets firmly in pockets at this stage, because - to pervert an oft-used phrase: A long-term mortgage deal is for a substantial chunk of your life, not just for Christmas.

But the dilemma is not easily resolved. According to research by estate agent Hamptons, the reason for a near doubling of consumers opting for long-term fixed-rate mortgage deals recently is a waning patience with the need to constantly second-guess the Bank of England rate changes.

To an extent, I'm inclined to agree. In fact, I can see why many-a-parent keen to make the most of the festive period would opt for a switch now, especially one that gave them the financial guarantee that their mortgage payments would change for the best part of a decade or more.

In my case, this would allow me to be a little less frugal with my Christmas spending. Not only for this year, but for the best part of my children's and grandchildren's Christmas-obsessed years. Better still, it would guarantee the financial forward thinking required to aide their university plight in the meantime.

On top of that, a future financial crisis such as the one some of us are currently weathering with our mortgage payments, wouldn't be a problem.

But is the potential for a financial crisis or two over the next decade - or even decades - really enough of a justification to chain myself to one fixed mortgage deal for the rest of my working life? I think not.

The way I see it, I'm holding up ok in the current climate. Ok in the respect that, although stretched, I expect to see it through.

But it is this "seeing it through" that really strikes at the crux of the matter. I believe the last financial crisis to severely affect the UK mortgage and housing market on a grand scale was way, way back in the 80's. If I'd have taken out a 25-year mortgage deal then, I'd have been kicking myself for the best part of the last five or so years. Considering the potential for drastic change within the next year I'm not so sure that, six months down the line, I'll really be happy with my fixed rate.

It's the age-old case of the grass being greener. Those making such a huge financial commitment now may think they're better off when in fact it could be a huge risk and loss of what could have been potentially saved months down the line. That's why I'm opting to play the waiting game.