8 Nov

Mortgage customers advised to get Switch & Fix deals

Mortgage customers advised to get Switch & Fix deals

Future mortgage customers have been advised to opt for a Switch & Fix deal when purchasing houses for sale in the UK.

Last week, the Bank of England's Monetary Policy Committee revealed that the base rate will remain at 0.5 per cent.

This low interest rate is likely to have tempted a lot of homebuyers to take out a tracker mortgage, which rises in line with the base rate.

However, financial experts have now advised customers to opt for a Switch & Fix loan where possible, so that they have the opportunity to change to a fixed-rate mortgage if interest rates start to rise dramatically.

According to Bob Riach, from Riach Independent Financial Advisers, it is "inevitable that interest rates will start to go up".

He said it is important to "act now" so that customers are protected from higher monthly payments.

"Borrowers should move to a new fixed-rate deal if they think variable mortgage rates will rise in due course," he advised. ADNFCR-1222-ID-800223086-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.