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Mortgage advice ahead of interest rate decision

Wednesday, 8 September 2010 6:00 PM

Mortgage borrowers have been offered a few tips from professional advice website unbiased.co.uk ahead of the interest rate decision that will be made tomorrow (September 9th).

A number of mortgage advisers speaking on behalf of the website have offered their opinions: Ray Boulger of John Charcol suggested looking at fixed-rates for at least five years, as a two-year fix will prove "poor value" whatever the decision.

Meanwhile, David Hollingworth of London & Country Mortgages said a tracker rate may seem the obvious choice, but borrowers would do well to consider how they would cope with future rare increases.

"Interest rates are unlikely to rise over the next year and when they do rise it won't be by much, a good tracker mortgage would fit the bill but with the ability to change to a fix later," added Mark Dampier of Hargreaves Lansdown.

The Bank of England's Monetary Policy Committee has kept interest rates unchanged for the last 16 months.

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