UK Money News
27th February 2008
Fixed-rate appeals to consumers
Fixed rate mortgages can offer consumers a potentially attractive proposition in order to help them budget effectively and for peace of mind.
That is the message from Louise Cuming, head of mortgages at moneysupermarket.com, who says that even in a climate where interest rates are falling a fixed rate deal can be a source of reassurance.
"There's absolutely no doubt that people in the first few years of their home-buying lives have to stretch to the absolute maximum of their income," she commented. "So, what they'll do is take a fixed rate mortgage for peace of mind."
"They won't particularly be thinking: 'Let's gamble on a tracker because rates might go down'. They think: 'I can only afford £1,000 a month, if rates go up, I will be stuck'. So that's the main factor that drives people to fixed rates."
Fixed-rate deals are a popular option, with research by Fairinvestment.co.uk last week revealing that more than half of Britons favoured the mortgages, while 23 per cent said they would opt for a tracker mortgage.
At present the Bank of England base rate stands at 5.25 per cent, with most analysts expecting further cuts to come this year.
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