23 Mar

Homeowners urged not to miss out on low fixed-rate mortgages

Homeowners urged not to miss out on low fixed-rate mortgages

Homeowners have been advised to consider whether it would be beneficial for them to remortgage on to a fixed-rate deal.

According to Karen Barrett, chief executive of Unbiased.co.uk, if people wait too long they may find that fixed deals become more expensive.

She noted that the base rate remains at 0.5 per cent - after the Bank of England's Monetary Policy Committee opted to leave it there earlier this month - but it is likely to rise.

The expert stated: "With the number of mortgage deals slowly increasing homeowners need to make sure they aren't missing out on getting the best deals before the base rate starts to rise again."

Her comments follow the release of figures by Unbiased.co.uk, which showed that 29 per cent of property owners are on their lenders' standard variable-rate loans and have no plans to change this.

It was also discovered that the average fixed-rate that people would be happy to settle for is now 3.3 per cent.
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