Fixed-rate mortgages deals are ideal 'if you can commit'

People looking for the best mortgage rates have been advised that fixed deals are the ideal option for those who can commit for at least five years.

Jane King, mortgage advisor from Ash-Ridge Asset Management, speaking to the BBC Money Box programme, explained that five-year mortgage rate deals have become a lot more competitive in the last few months and are definitely worth considering.

"If you are not planning to move or if you feel that there are going to be significant changes to your circumstances, whereby you'd like to go for five years without worrying, then a fixed-rate might be right for you," she said.

Andy Pratt, chief operating officer at Alexander Hall, has made a similar point in the past.

Last month he explained that fixed-rate mortgage deals were an attractive option and are likely to increase in popularity for some time.

He explained that many people expect the interest rate to rise at some point so fixing now can help prevent a shock rise in mortgage payments in the future.

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2011-09-27 12:51:02 © Moneyextra.com