More people looking at fixed rate mortgages, says What Mortgage rep
www.moneynews.co.uk > Mortgages > More people looking at fixed rate mortgages, says What Mortgage rep
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Money News |
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More people looking at fixed rate mortgages, says What Mortgage rep
Mon 21st Mar 2011
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Ben Wilkie, editor at What Mortgage, suggested that Brits are anticipating a rise in interest rates in the near future and are choosing to protect themselves by moving on to a fixed rate deal.
He also warned those already on a fixed rate whose terms may be coming to an end that a shift to a variable interest rate may give them a shock.
Mr Wilkie explained that between the price being paid on a current fixed rate and that on a variable there could be "a huge amount of difference" for those not expecting the sharp jump and told consumers to keep their eye on the market.
Gross mortgage lending in February was £9.5 billion, the Council of Mortgage Lenders recently reported, continuing a year of slow growth in the availability of funds for those looking for a new house.
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