Homeowners may like to take out a fixed-rate mortgage to help them with their debt management, it has been suggested.
Andy Pratt, chief operating officer for home loan firm Alexander Hall, noted that opting for a fixed product can assist people in handling future money matters.
He explained: “If you can secure yourself on a three or four-year deal, then you know exactly what’s going to happen and you can control your spending.”
Mr Pratt advised borrowers to shop around for the best offers, stating that some of the most attractive rates advertised by lenders are only available to those with a large deposit.
He said that there can be “big differentials” between prices shown on promotions and the actual deals, urging consumers to seek debt advice before opting for a product.
Just under 38,000 mortgages were lent out during last month, according to figures from the Bank of England.
By Jamie Price