Mortgage Rate & Home Loan News: Five-year fixed mortgage 'provides peace of mind'
Prospective homeowners who have been keeping an eye on UK mortgage rates should not be put off by a five-year mortgage.
This is the view of Jane King, mortgage advisor at Ash-Ridge Asset Management, who told the BBC Money Box podcast that such a loan could provide peace of mind.
"If you are not planning to move or if you feel that there are going to be significant changes to your circumstances, whereby you'd like to go for five years without worrying, then a fixed rate might be right for you."
She noted that five-year UK mortgage offers have become much more competitive in the last few months, so those looking to move house could find an advantageous deal for themselves.
Private Finance director of communications Melanie Bien agreed with Ms King's comments, adding that more people are turning to fixed rate mortgage products because they are starting to worry about rising interest rates in a couple of years' time.
