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Is it too soon to look at fixed-rate mortgages?

As talk about the threat of inflation continues to grow there are some analysts who are concerned that UK base rates could move higher in the short to medium term. However, the vast majority of analysts believe that the threat to the UK economy will not come from inflation but will indeed come from a potential double dip recession. However, it is vital that those with mortgages who are considering remortgaging, possibly looking at fixed-rate mortgages, continue to monitor the market very closely and take professional advice where applicable.

While UK base rates have remained at 0.5% for some time it is likely they will move higher fairly quickly once the economy is on a firmer footing and inflation is under control. Rates cannot remain at 0.5% indefinitely although when they may change is something which every analyst has a different opinion upon. Those who are looking towards fixed-rate mortgages need to be aware that the market could move very quickly once it starts to change and keep abreast of the best offers and the best deals available as they may not last forever.

Once the mortgage industry gets wind of a potential increase in UK base rates it is likely to react with indecent haste and it may then be too late to grab one of the more attractive fixed rate mortgages. The truth is that every option available in the mortgage market carries a risk at the moment and you need to consider your own circumstances and what may or may not happen in the future.

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