Ducalion advises fixed rate mortgage applicants to consider future

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Ducalion advises fixed rate mortgage applicants to consider future

Ducalian has advised first-time buyers to be "very cautious" when considering fixed rate mortgage products and other home lending services.

Timothy Lamber, head of consulting at Ducalian, said that people that are considering entering into fixed rate mortgage agreements for their first home in the next few months must be satisfied that they can "easily afford" their repayments.

In his opinion, it is a very uncertain time for such consumers and they must think carefully about the debt they are signing up for.

M Lamber remarked: "A two-year fixed rate mortgage may look good now, but when this product comes to an end in two years' time the rate is likely to be much higher."

Despite the advice from Ducalian, Moneyfacts.co.uk revealed the number of mortgages available to buyers who had a lower-than-average deposit has started to rise.

The total number of products available at 90 per cent loan to value has climbed to 214, from 144 in February 2010.

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