UK Money News
26th March 2008
More lenders offering long-term fixed-rate mortgages
More and more lenders are now offering long-term fixed mortgage products, it has been revealed.
A survey of the UK mortgage market conducted by MoneyExpert.com found that, in April 2007, the number of long-term fixed-rate deals stood at 112 - meaning they accounted for 8.9 per cent of all fixes available.
However, over the last year this has increased so that there are now 132 such products, which represent 11.5 per cent of the fixed-rate mortgage market.
The survey also found that rates on such products had increased in the last year from an average of 5.89 per cent to 6.14 per cent for a typical fix of ten years or more.
Responding to the findings, Sean Gardner, of MoneyExpert.com, warned that those considering such a product should think carefully before committing.
He said: "Even though there is now more choice for homeowners, that choice also comes at a higher cost. Average rates on long-term deals are up, meaning the consequences of making such a big decision are even more severe.
"If interest rates start to spiral, you'll be laughing. But if they continue to drop then you could have saved money sticking to shorter term arrangements."
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