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Fixed-rate mortgages 'are sensible'

Thursday, 26 August 2010 6:00 PM

Securing a fixed-rate mortgage while base rates are still low could be a wise move, the editor of Your Mortgage has advised.

Paula John said that as a mortgage is likely to be the largest financial commitment borrowers will ever make, knowing exactly how much they will pay every month facilitates wider budget planning.

However, she noted that it depends on the type of borrower one is, as tracker rates can potentially offer lower repayments if the low base rate continues.

"If you are interested in the market and you are going to follow what happens through interest rates and if you want the very lowest rate in the market, in recent years fixed rates haven't been the best rates on offer," added Ms John.

The British Bankers' Association reported this week that gross mortgage lending totalled £8.4 billion in July, slightly below the £8.6 billion average for the previous six months.

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