A mortgage expert from Buckinghamshire has advised borrowers in the region on which kind they should choose as rates continue to fall across the UK.
The Bank of England announced last month that a base rate of 5.25 per cent would be held on interest rates, providing relief for borrowers worried about a rise in their mortgage payments and providing hope for a boost to the housing industry.
Buckinghamshire-based mortgage broker Alex Hart, who works for John Charcoal Ltd, said he would advise borrowers to make the most of the pause in interest rates by entering into a three-year fixed rate or tracker mortgage, with some lenders now offering fixed rates of below 5 per cent.
He urged those contemplating whether to enter into a mortgage deal to carefully consider their options, however, especially due to the fluctuating nature of interest rates as well as the continually “volatile” housing market.
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Alex said: “Borrowers might want to consider a three-year fixed-rate mortgage, which reduces their level of commitment compared to longer deals.
“There is also the option of a tracker mortgage, which often comes with no early repayment fee and enables a borrower to switch to a fixed rate if they become cheaper.
"I wouldn’t be surprised if we see rates of 4.5 per cent now for five-year fixes in October, but nothing is certain."
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