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Fixed-rate mortgages are competitive
15 September 2008
New research has revealed that opportunities for moving house are increasing as fixed-rate mortgage deals are returning to the market.
A study by mform.co.uk found that of the 20 best mortgage deals, 12 are fixed-rate, and eight are discounts or trackers, while fixed-rate products for consumers borrowing £150,000 are now considered as competitive.
In June lenders were wary of fixed rates but now they're cutting rates, claims Eamonn Rice, chief executive of mform.co.uk.
He explained that "discounts aren't dead" but noted a marked decline in the number of products available to the public which is contributing to a period of stagnation in the housing market.
Mr Rice advised that better rates are often packaged with higher initial charges and buyers should make themselves aware of the full cost of borrowing large sums of money before going ahead.
Fixed-rate mortgages are the best mortgage deals for with homeowners who prefer to know their exact monthly repayment fee will remain unchanged, according to Mr Rice.
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