The British consumers who are looking for the security of fixed monthly repayments, or are still not sure if it’s better to refuse from their standard variable rate, have been given a new reason for choosing fixed-rate mortgages.

One of the most reputable price comparison websites, moneysupermarket.com, informed that the borrowers in the UK are very likely to think about this alternative as there has been a substantial decline in average fixed-rates across the board.

Since April 2008, the average rate for two-year fixed mortgages has decreased by 3.36 %, and now amounts to 4.62%, which is encouraging for those considering switching from variable rates.

Hannah-Mercedes Skenfield, the website’s manager, said that the UK market saw average rates falling to their lowest level. She added that with inflation on the rise, the Bank of England can be expected to increase base rate in the near future, which is the reason why mortgage holders who like the idea of fixing their mortgage repayment should decide if now is the right time to switch.

In the meantime, Paul Samter of the Council of Mortgage Lenders has recently declared that there have been no noticeable changes on the mortgage market of the UK except for a 24 % jump in lending activity in March compared to February figures.


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