Consider fixed rate mortgages, urges moneysupermarket.com
www.moneynews.co.uk > Mortgages > Consider fixed rate mortgages, urges moneysupermarket.com
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Money News |
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Consider fixed rate mortgages, urges moneysupermarket.com
Fri 8th Oct 2010
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Head of banking at the organisation Kevin Mountford made his comments after it was announced that the base rate is set to continue at 0.5 per cent interest for at least another month.
He suggested people could find their finances are thrown into chaos if this levy increases in the future.
"Low interest rates have been a welcome bonus to many families, with mortgage repayments reduced dramatically, however rates can only go one way," said Mr Mountford.
In his opinion, a possible solution to this situation is to opt for a fixed rate mortgage and avoid the uncertainty of a variable arrangement.
This week, moneysupermarket.com urged the government to be cautious with regards to new regulations concerning interest-only mortgages, saying that such deals are actually quite suitable for certain people.
Click here for more mortgages news
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