Fool.co.uk: Fixed-rate mortgages 'beneficial'

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Fool.co.uk: Fixed-rate mortgages 'beneficial'

Consumers are being encouraged to take up a fixed-rate mortgage, with further interest rate rises on the horizon.

According to research carried out by personal finance website Fool.co.uk, following a succession of rate rise last year, increasing numbers of homeowners have taken up fixed-rate products.

Since August 2006, Fool.co.uk estimates that four-fifths of homeowners now choose a fixed-rate mortgage, compared to two-fifths before.

David Kuo, head of personal finance at the group, described the mortgage products as being the "best way for homeowners to insulate themselves from rate rises".

He added: "Currently, interest rates are expected to rise 0.25% within the next two months and a further 0.25 per cent six months after that. This means homeowners may need to find an extra £83 a month or £996 a year in higher interest payments on a £200,000 loan."

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