Following the news that the Bank of England's monetary policy committee (MPC) has chosen to maintain the base rate of interest at five per cent, one expert has urged people to take advantage of fixed-rate mortgage deals as soon as possible.
Commenting on the Bank's decision, Drew Wotherspoon of mortgage advisory firm John Charcol said that it appears the country is "headed towards a period of stagnant rates".
Consequently, the expert advised people to "act now" if they are considering taking out such a mortgage deal .
"Several of the major lenders have re-priced their fixed rates upwards over the last week, and we would expect others to follow suit," he explained.
Yesterday, Legal and General said that it was "unsurprising" that the MPC had chosen to maintain the base rate.
The firm stated that a general "lack of confidence" within the markets could see further rate cuts in the "medium-term".
Consumers urged to act now over fixed-rate mortgages
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Consumers urged to act now over fixed-rate mortgages
Fri, 06 Jun 2008
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