25
May
Many consumers 'comfortable to be locked into long-term mortgages'
A rising number of consumers in the UK feel comfortable with the
idea of being locked into a long-term home loan.
This is according to Ray Boulger, senior technical manager at John
Charcol, who said that people are not so anxious about entering
into five-year mortgage deals.
His comments follow the release of figures by moneysupermarket.com,
which revealed that the number of such products on the market has
increased from 39 in April 2007 to 411 at present.
This is despite an overall fall in the number of mortgages
available.
Mr Boulger said: "From a written perspective you will be reducing
your risk by going into a five-year product because you are
obviously fixing your money for five years."
However, the expert went on to note his belief that tracker loans
represent the best value in Britain currently because interest
rates are likely to remain low for some time.
