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Tuesday 11th December 2007
Longer-term, fixed rate mortgages can offer stability and peace of mind to homeowners, it has been claimed.
Tim Anson head of residential lending at Mortgage Express, explained that fixed rate deals are becoming increasingly popular, particularly among first-time buyers who appreciate the "certainty" of fixed repayments.
However, he warned that this situation could change over the course of 2008 because interest rates are expected to come down further, making variable rate offers more attractive.
Recent research from the Council of Mortgage Lenders reported that 42 per cent of borrowers would choose a fixed rate mortgage, but over half of these would opt for a short-term deal of under five years.
Mr Anson concluded: "Whilst interest rates remain at historically low levels borrowers do need to consider that their fixed rate deal may look uncompetitive in a few months time should rates start to fall back, as many are now predicting."
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