Latest Mortgage News

09th August, 2007

First-time buyers have been warned by an expert in the financial services sector to avoid getting a 25-year fixed-rate mortgage .

Drew Wotherspoon of John Charcol Mortgage News and Best Buys comments that although much has been said on the subject of long-term mortgages recently, there is no reason for a first-time buyer to agree a long-term loan with a mortgage lender .

"The chances of someone staying in their first property are very slim, so many of these products are effectively lining up first timers for big penalties when they try and redeem their mortgage," he remarks.

There is stability in the market and if interest rates have peaked then a tracker mortgage could be better value than a fixed-rate mortgage over a two-year period, he adds.

Mr Wotherspoon finds the best mortgages around at the moment to be available from mortgage lenders Saffron Building Society and Halifax. Halifax is offering a two-year tracker mortgage for a minimum loan of £500,000 and an initial rate of 5.39 per cent.

Many fixed-rate 25-year mortgages have been launched by mortgage lenders recently.

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Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).

Featured in The-Mortgage-Hub ã 2007

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