More key workers could afford fixed rate mortgages, says Halifax

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More key workers could afford fixed rate mortgages, says Halifax

People employed as key workers could be more likely to afford fixed rate mortgages or other products now as the cost of buying a home has slipped, according to Halifax.

The institution has revealed that individuals who work in professions such as the fire service or as paramedics are now able to afford property in 38 per cent of locations around the UK.

This figure is a marked increase on the three per cent of towns and cities that were within their means during 2007, when the cost of buying property in the UK was at its highest level.

However, this total is still far lower than the 64 per cent of locations that they could buy homes in during 2001.

Nitesh Patel, housing economist at Halifax, said: "Government schemes to assist low-cost home ownership are welcome, although it remains to be seen how big the impact on key workers will be."

Householders were recently advised by Andy Gray, head of mortgages at Barclays, to go for a fixed rate mortgage from Woolwich, as this will protect them from any rise to the Bank of England base rate.  ADNFCR-323-ID-800512340-ADNFCR

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