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Borrowers opting for fixed-rate mortgages
Tue, 13 May 2008
Borrowers are seeking security by opting for fixed-rate mortgage deals, new figures show.

According to John Charcol's Mortgage Monitor, 78 per cent of mortgages were arranged on a fixed-rate basis in April - a record figure.

Commenting on the findings Katie Tucker, technical manager for the firm, said: "These peaks normally occur when Bank rate rises are expected, but as Bank rate is widely expected to fall over the next year most of the high take-up was because fixed rates were a quarter to a half a percent cheaper than trackers ."

She added that such an up take of fixed-rate mortgages might indicate that people are concerned that interest rates will increase in the future, although such a situation is "extremely unlikely".

Last week, Ray Boulger, senior technical manager at John Charcol, predicted that interest rates will be cut to 4.75 per cent in June.

For this reason, people might want to consider getting a tracker-rate mortgage, he said.

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