17 Apr

Fixed-rate mortgages 'worth going for'

Fixed-rate mortgages 'worth going for'

The kind of mortgage rates that are currently on offer are good and worth taking up, it has been commented.

Director at financial advisory firm MyMortgageDirect Catherine Hearnden said that rates of between four and five per cent still represent deals worth taking up, despite the withdrawal this week of Woolwich's 3.99 per cent fixed-rate product.

She remarked: "As long as you get a rate that you think is affordable and you are happy to pay for three, four or five years, then take that rate."

Fixed-rate deals are the sort she would advise people to go for, Ms Hearnden concluded.

Those taking out such products may find they protect them against any rises in interest rates seen over the next few years.

Meanwhile, recent data has indicated that overall mortgage borrowing has risen.

Council of Mortgage Lenders figures for February showed that there were 24,300 loans for home purchase completed during the month, four per cent more than in January.

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