/24-7PressRelease/ - LONDON, UK, August 10, 2006 - Majority of the home loan borrowers have started opting for the fixed rate loan option after the Bank of England has increased its rates, the first base rate increase in two years. Many mortgage brokers have openly opposed the immediate reactions of the borrowers.
James Cotton, a mortgage specialist at independent broker London & County Mortgages, has clearly told that there is no need to panic or to immediately lock into a fixed rate deal.
He further commented that if borrowers wanted the security of being able to budget each month and know exactly what they would pay for the next few years, then a fixed rate deal made senses. He warned people that they would pay a premium for this as fixed rate deals were going to be higher than other products.
The rise was expected to affect the borrowers on base rate tracker mortgage immediately where as those borrowers who had opted for standard variable rates would have to wait as it depends on their lenders.
Moreover, another spokesman for independent mortgage broker Charcol, Ray Bouglar agreed that jumping into fixed rate deal was not wholly advisable. He also advised the adamant borrowers who wanted to lock into fixed rate deals to move on quickly as lenders would put up their rates over the next few weeks.
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