People wanting a mortgage must be ready to take risks

29/07/2009

Moneyfacts.co.uk has said that people who are looking for a mortgage deal must ready to take risks.

Darren Cook from Moneyfacts.co.uk warned that the current mortgage market means that taking out a mortgage could be about taking risks.

He said: "Economists are expecting the base rate to stay at 0.5 per cent until the middle of next year and if that's the case then people can look at a tracker rate mortgage."

Darren Cook commented further: "Fixed-rate products are quite expensive at the moment as lenders are anticipating that the UK's base rate of interest will rise. As soon as we see the base rate heading upwards, the fixed rate will follow suit."

These comments were made due to many consumers opting to go safe and choosing a fixed rate product which reached 83 per cent in June 2009.

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