Homeowners urged to take up fixed deals
Homeowners who have recently taken advantage of their reduced mortgage payments to finance a bespoke conservatory may wish to lock themselves into a low rate.
Your Mortgage recently suggested that it is "very sensible" to secure a fixed-rate home loan at the moment.
Doing so while rates are still low will help guard against any increase, which may well be expected in the near future after the Bank of England left the base rate of interest at its lowest ever rate for more than 18 months.
Editor Paula John explained that while fixed-rate deals are not always the cheapest, they are "worth considering" at the moment due to the current climate.
"Your mortgage is likely to be your largest ever financial commitment and the advantage of a fixed rate - whatever sort of borrower you are - is that you know exactly what your mortgage payments are going to be every month," she said.
This, Ms John explained, helps homeowners to budget better, which is more important than ever.
Meanwhile, the British Bankers' Association recently released figures showing that mortgage approvals had dipped to 33,698 in July.
Posted by David Waxman
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