In the last six months we have witnessed a dramatic change in mortgage choices. In May this year 8 out of 10 new borrowers chose a fixed rate mortgage with the remainder opting for a tracker or discounted mortgage.

Yet just six months later consumer choices have totally changed. Last month 8 out of 10 new borrowers selected trackers or discounts and just 2 went for a fix.

This has all come about because general financial opinion thinks that low interest rates are here for a few years as the British economy claws itself out of recession. Everyone knows that the Bank of England’s Base rate cannot remain at 0.5% for ever – it will rise – but expectation now has those increases pencilled in for a few years hence (probably up to 2011).

So will those borrowers who locked into fixed rates at under 4% for 5 years back in April and May, be the eventual winners? Let me have your views.