Fixed rate seekers 'should act soon'

19-Apr-2007

First time buyers have been reminded not to "hang around" in order to make the most of fixed rate mortgages.

Mortgage broker London & County (L&C) has issued the alert to first time buyers following this week's inflation increase to 3.1 per cent. The broker argues that in the wake of this news a Bank of England base rate rise looks a "near certainty".

"Fixed rates are proving very popular at the moment as people seek protection from rising rates," said James Cotton, mortgage specialist at L& C.

"As long as you've got your fixed rate application into the lender, that rate will be honoured, so don't hang around."

L&C points to the cases of Alliance & Leicester, which has already withdrawn its fixed rate mortgages for the time being and Northern Rock, which L&C believes will soon follow suit.

The current Bank of England base rate is 5.25 per cent, with the next decision from the monetary policy committee to be announced on May 10th.

To find out about the different ways of financing a first home, see our section 'Affording Your First Home'.

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