25 May

Many consumers 'comfortable to be locked into long-term mortgages'

Many consumers 'comfortable to be locked into long-term mortgages'

A rising number of consumers in the UK feel comfortable with the idea of being locked into a long-term home loan.

This is according to Ray Boulger, senior technical manager at John Charcol, who said that people are not so anxious about entering into five-year mortgage deals.

His comments follow the release of figures by moneysupermarket.com, which revealed that the number of such products on the market has increased from 39 in April 2007 to 411 at present.

This is despite an overall fall in the number of mortgages available.

Mr Boulger said: "From a written perspective you will be reducing your risk by going into a five-year product because you are obviously fixing your money for five years."

However, the expert went on to note his belief that tracker loans represent the best value in Britain currently because interest rates are likely to remain low for some time.
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