Borrowers need to make sure they secure a fixed-rate mortgage while rates are still low, it is claimed.
Catherine Hearnden, director at MyMortgageDirect, believes the rates will carry on moving, although people should secure one they think is affordable.
"They are still low rates and this is what people have got to get their head around. A rate in the fours [per cent] is a good rate," she states.
Ms Hearnden adds that if a person is happy to pay a particular rate for three or four years, it should be considered.
The Council of Mortgage Lenders reported in April 2009 that the number of mortgages taken out had increased by four per cent in February 2009 compared to January 2009.
In addition to this, 24,300 mortgages were taken out in February 2009 - down by 47 per cent compared to February 2008.
See Also: Property News (5994)
Date Published: 21 April 2009
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