Expert: Taking out a mortgage now is a good deal

10-Dec-2009

First-time buyers looking for mortgage advice may be in the best position to purchase now, according to one expert.

Ben Wilkie, editor of What Mortgage magazine, advises customers looking for a new home loan to take advantage of the current "amazingly low" base rate.

Research by moneyfacts.co.uk shows the present average rate of interest on a mortgage to stand at 4.86 per cent, its lowest level since August 2009.

Mr Wilkie said although he did not expect rates to drop any further, new buyers were in a good position.

"Anyone who is taking out a mortgage now is getting a good deal compared to what happened a couple of years ago and probably what will happen a couple of years in the future," he added.

According to Mr Wilkie, two-year fixed-rate deals are becoming more popular - but it might be "more worth your while" to go for a longer-term offer.

He pointed out customers had to take note of how many months they had to pay off a mortgage, which might mean a five-year product would work out cheaper in the long run.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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