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Halifax: Fixed-rate mortgage appeals to all customers

Tue, 07 Aug 2007

Fixed-rate mortgages appeal to customers "across the board", an expert in the financial services industry has said.

Halifax Building Society has become the second high street mortgage lender after Nationwide to offer a 25-year fixed-rate mortgage to potential house buyers and has stated the product can give customers security.

A spokesperson for Halifax, Paul Fincham, has commented that a fixed-rate mortgage can give customers peace of mind.

"In terms of who is likely to take out the mortgage, it is those who are looking for the security for the longer term fixed interest rate," he remarked.

The customer is able to use "flexible features" and can take the mortgage with them when they move house or can make under or overpayments, Mr Fincham added.

Halifax and Nationwide are both offering mortgages with a fixed-rate of 6.39 per cent, while Manchester, Cheshire and Kent Reliance building societies are also offering 25-year fixed-rate mortgages .

The Bank of England voted to keep the base rate at 5.75 per cent last week, allaying fears it could increase further following five consecutive rises.

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