18 Aug

Fixed-rate mortgages 'good for those on a budget'

Fixed-rate mortgages 'good for those on a budget'

Fixed-rate mortgage deals are a good option for those on a relatively small budget, one property expert has asserted.

Andrew Hagger, spokesperson at Moneynet, an independent provider of personal finance information, said that fixed-rate deals are a good option for homeowners with a "fairly tight budget" who are keen to ensure that their monthly payments do not fluctuate.

His comments follow news from the company that 39 fixed-rate mortgage deals of ten years or more are currently available, compared to 137 a year ago.

"Basically, a fixed-rate is good for anybody who has got a fairly tight budget and wants to manage their payments and make sure they stay the same," said Mr Hagger.

He added that a lack of customer demand could be a reason for lenders withdrawing their long-term mortgage deals.

Long-standing agreements now make up 3.5 per cent of all available mortgages, compared to 15 per cent in July 2008

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