Do they do what it says on the tin?

Mortgage pundits are queuing up around the block to tell borrowers they've never had it so good. Fixed rates are about the cheapest they've ever been, and discount deals can be even cheaper.

No-tie-in discount deals are available as low as 3.49%, with Market Harborough offering a two-year, 2.25% discount with no penalties at any time. Five-year fixed rates are the cheapest ever, with Bristol & West offering 4.49% with no overhanging penalties. Shorter-term fixes, for two or three years, regularly come in under 4%.

But what mortgages have the experts chosen for themselves?

We quizzed four leading mortgage pundits - Ray Boulger of Charcol, David Hollingworth of London & Country, Simon Tyler of Chase De Vere and Mark Harris of Savills Private Finance - to tell us which mortgage products they have, and if they were free to switch, what they'd opt for.

David Hollingworth, London & Country

Now: National Counties five-year fix
Future: Portman five-year fix

"I was coming towards the end of a five-year fixed rate of 5.75% with National Counties, but I recently became eligible for the lender's loyalty rate, so I'm now paying 4.99% variable. I'm still tied in until the end of my original fixed rate period, but if I were free, I'd go for another five-year fix, probably Portman's 4.79%, as that allows you to pay down your mortgage by an extra 10% a year.

"I've been going for fixed rates for the past 15 or 16 years, as it means I can safely budget for all the other things. Sure, the two-year discount deals look very attractive, but the older you get, the more you realise that 24 months are gone in the twinkling of an eye. I don't want to find in two years, that rates are 2% higher. If you've been paying sub-4% for two years that's a 50% increase in your mortgage costs, and that affects what you can spend on everything else. I'm always a pessimist on rates, and that way I'm never disappointed.

"I don't think I've ever made a really bad mortgage decision. My best, was probably the last. The lender let me borrow very large multiples to buy in Oxshott, Surrey and its price has increased dramatically since. I wouldn't have advised any of my clients to borrow as much, but it worked out."

Ray Boulger, Charcol

Now: BM Solutions two-year discount.
Future: Market Harborough two-year discount.

"I'm planning to sell my house in the next few months, and move a few miles over the border from West Sussex to Surrey, so I have a two-year 1.7% discount from BM Solutions, which is penalty-free.

"On the new house, I'll probably go for a two-year fix or discount, depending on the rates at the time.

"If I were choosing now, I'd be tempted by the Market Harborough 2.25% two-year discount, which has a current payable rate of 3.49%. I took out my first mortgage in 1969, through a branch manager of the Coventry building society who my father knew. In those days, you didn't have a choice on rate, it was more of a question of who would lend to you rather than what was the best deal around.

"I've not been a frequent changer. In 1983, when I bought my current house, I took a mortgage out with Birmingham Midshires, and I've always been able to renew with them on respectable enough terms."

Simon Tyler, Chase De Vere Mortgage Management

Now: Portman two-year fix
Future: Britannia two-year fix

"I took out my first mortgage earlier this year to buy a flat in Bath. It's a two-year 4.75% fix with the Portman, which allows me to overpay up to 10% each year. I haven't managed to take advantage of this yet, but in an ideal world I'd like to pay my mortgage off early. I went for the deal because Portman helped with set-up costs - a free valuation, no arrangement fee and £350 cash-back.

"I find it tough to call on fixes and discounts at the moment. Rates seem unlikely to shoot up, but then fixes are extremely cheap. It's very much a personal decision. I want the stability of knowing what I'm paying for a couple of years. If I were looking now, I'd probably go for another two-year fix. Britannia has a very cheap rate, at 3.54%, but the set-up costs are quite heavy at £495.

"Five-year fixes seem very good value, but personally I don't want to tie myself up for that long."

Mark Harris Savills Private Finance

Now: Portman two-year discount.

Future: Portman two-year discount.

"I came to the end of a fixed-rate deal with the Portman recently and just switched over to its two-year 1.7% discount, which gives me a payable 3.95%.

"I didn't shop around, and I probably could have got a slightly better deal but I'm moving house early next year from Beckenham (south London) to Shirley Hills between Croydon and Bromley, and I wanted to be with a lender that I know. I'll probably carry my current deal with me to the new house.

"My worst mortgage decision was probably the first one in 1990, which was a staff deal when I was working for NatWest. Since then, I've predominantly stuck with the Portman - I think it can sometimes be worth staying with a lender.

"The best mortgage decision I ever made was when I left NatWest and remortgaged with Bradford & Bingley. It was a one-year 5.3% discount, which gave me a payable rate of something like 1.2% - I think I was paying around £80 a month.

"There was a penalty overhang of three years, but it seemed to have been mispriced as it was only three months interest.

"Not only that, but the penalty was charged on the rate payable at the time you redeemed. I cunningly held on to the mortgage for 11 months, and then switched while I was still within the discount period. Because I was only paying about £80 a month, the penalty was just £240.

"If I had to choose another mortage now, I'd probably go for another two year discount. I keep thinking about five-year fixes, especially when I see five-year money at 4.5%, but I always think nothing is permanent in this world.

"I could lose my job, become ill or decide to travel the world and if I had to sell the house that would land me with a big fat penalty."