Friday 20th April 2007
There are alternatives to fixed-rate mortgages, according to John Charcol.
The independent mortgage broker makes the claim in light of the dwindling number of fixed-rate packages on offer.
Following the revelation that inflation surpassed the three per cent level this week, a number of lenders withdrew their fixed-rate mortgages.
After the figures were published, broker London & Country reported that Alliance & Leicester removed its fixed-rate packages from the market, while Northern Rock was about to do so.
However, John Charcol advises that consumers need not rush to claim fixed-rate deals which are still available.
Katie Tucker of the companys Charcolonline website says: "If you are prepared to take the long-term view that rates will come down again in the next year, borrowers could look to take out a tracker."
She adds that although many lenders have pulled fixed-rate mortgages from their portfolio, they are yet to announce replacements.
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