Fixed-rate mortgages provide 'peace of mind'
www.moneynews.co.uk > Mortgages > Fixed-rate mortgages provide 'peace of mind'
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Money News |
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Fixed-rate mortgages provide 'peace of mind'
Wed 27th Feb 2008
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Louise Cuming, head of mortgages at the website, said that fixed rate mortgages – where monthly repayments are fixed when the mortgage is taken out – can give save young homebuyers "at the edge of affordability" from worry.
She added: "There's absolutely no doubt that people in the first few years of their homebuying lives have to stretch to the absolute maximum of their income."
Although they will not benefit when the Bank of England base rate is cut, as it was this month to 5.25 per cent, they will also not suffer if interest rates rise.
The majority of Brits still favour fixed-rate mortgages, with 57 per cent of respondents in a Fairinvestment.co.uk survey saying they would choose a fixed-rate option, compared to 23 per cent who would opt for a tracker mortgage and nine per cent who would go for a discounted mortgage option.
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