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Applications for Fixed Rate Mortgages Rise
Figures from mortgage lenders show that applications for fixed rate mortgages are rising as borrowers look to minimise the impact of expected future interest rate rises.
Latest results from Legal & General's Mortgage Purchase Index showed that 87% of residential borrowers chose a fixed rate mortgage in the second quarter of 2009.
Tony Rice, from Bedfordshire-based specialist mortgage brokers TMP Mortgage Zone, said: "With interest rates so low it is almost inevitable that they will begin to rise again. Lenders know this and therefore the best fixed rate mortgage deals on the market are slowly creeping upwards. With access to hundreds of fixed rate deals from all the major high street and specialist lenders, it pays to use a whole of market broker to start looking around now for your next mortgage deal - even if you\'ve still got 6 months or more to run on your current deal. Leave it too long and the best fixed rate mortgage deals available today could be long gone."
[ 25-06-2009 ]
