Long-term fixed-rate deals on the up
Homeowners who have recently had a bespoke lean-to conservatory built in order to boost the value and appeal of their property may be pleased by the latest figures from moneysupermarket.com.
According to the firm, the number of available five-year fixed-rate mortgages on the market has increased dramatically in the past 36 months.
The statistics show the number of such deals available to buyers has increased tenfold in three years, meaning that they should have more choice when it comes to making a purchase.
Despite the total number of home loan deals currently available being equal to just 12 per cent of the market in April 2007, five-year fixed-rate offerings have risen from 39 to 411.
John Charcol senior technical manager Ray Boulger explained that many people appear to be "fairly comfortable" with locking themselves into such mortgages, even though they might not offer the best deal.
"My view at the moment is trackers represent the best value because I think interest rates will stay low for some time, but if you want a fixed-rate then I think it makes sense to go for five years," he said.
Posted by David Waxman
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