18
Aug
Fixed-rate mortgages 'good for those on a budget'
Fixed-rate mortgage deals are a good option for those on a
relatively small budget, one property expert has asserted.
Andrew Hagger, spokesperson at Moneynet, an independent provider of
personal finance information, said that fixed-rate deals are a good
option for homeowners with a "fairly tight budget" who are keen to
ensure that their monthly payments do not fluctuate.
His comments follow news from the company that 39 fixed-rate
mortgage deals of ten years or more are currently available,
compared to 137 a year ago.
"Basically, a fixed-rate is good for anybody who has got a fairly
tight budget and wants to manage their payments and make sure they
stay the same," said Mr Hagger.
He added that a lack of customer demand could be a reason for
lenders withdrawing their long-term mortgage deals.
Long-standing agreements now make up 3.5 per cent of all available
mortgages, compared to 15 per cent in July 2008
