Fixed-rate mortgages may appeal to conservatory shoppers
Homeowners hoping to keep their mortgage payments down in order to help finance a bespoke conservatory or glazed kitchen extension might now consider fixed-rate deals.
According to online mortgage broker John Charcol, such home loans are becoming increasingly attractive again due to a change in the UK's economic circumstances.
The Council of Mortgage Lenders recently revealed statistics showing that fixed-rate deals made up almost half (48 per cent) of all mortgage approvals in June, making it the highest proportion so far in 2010.
Part of the reason for this could be the fall in the cost of such home loans, John Charcol senior technical manager Ray Boulger explained.
He noted that the increases that some lenders had made to the cost of their tracker mortgages may also have played a role.
"Although I think trackers generally still offer better value, you can certainly make out a much better case for buying a fixed-rate now because the gap between trackers and fixed-rates has narrowed and fixed-rates are looking better value - particularly five-year fixed-rates or longer-term fixed-rates generally," he said.
Posted by Cheryl Stevenson
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