Those who can commit 'switching to five-year deals'

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Those who can commit 'switching to five-year deals'

Brits who feel their circumstances are unlikely to significantly change over the next half-decade are turning to five-year fixed-rate mortgage deals.

Jane King, mortgage advisor from Ash-Ridge Asset Management, told listeners to the latest BBC Money Box podcast that product improvement over recent months means that mortgage holders could actually get some very good deals at present if they are willing to take on a tracker or long-term fixed rate.

She commented: "More people tend to go for fixes at the moment, because they are worried about interest rates starting to rise in a couple of years' time."

Meanwhile, Catherine Hearnden, director at MyMortgageDirect, recently argued that Brits presently struggling to make repayments on their borrowings should get in touch with their lender as soon as possible.

She said lenders these days are fairly understanding if a person is having difficulties and in many cases these problems can be sorted out relatively easily.

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