UK Money News
11th December 2007
Fixed-rates 'provide peace of mind'
Fixed-rate mortgage products stretching over longer periods have become increasingly popular due to the certainty that they can provide.
So claims personal finance firm Mortgage Express, which believes that particularly first-time buyers are keen on the product as a result of such stability.
However, it also warned that, with interest rates set to fall in the coming months, those looking to compare mortgages may consider fixed-rate products to be uncompetitive.
Tim Anson, head of residential lending at Mortgage Express, said: "Whilst interest rates remain at historically low levels borrowers do need to consider that their fixed-rate deal may look uncompetitive in a few months' time."
He added that a mortgage was the most substantial help with money that most people would ever seek out, so it was important to ensure that the right product was purchased.
Interest rates were cut on Thursday from 5.75 to 5.5 per cent.
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