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'Fix rates now' to manage debt

'Fix rates now' to manage debt

- Thursday, 11 June 2009

Britons looking to fixed-rate mortgages as a means of debt management have been told that it could be now or never if they want to get the best deal.

Ray Boulger, senior technical manager at mortgage broker John Charcol, explains that recent days have seen swap rates increase.

These are typically used as a reference point for mortgages - and lead him to anticipate that the major lenders will raise their fixed-rate mortgage costs as a result.

His advice could encourage those looking to fix their mortgage rates as a means of debt management into action.

But for those who do miss the opportunity, it could become more difficult to manage debt should they need to remortgage at a higher rate.

Already Mr Boulger notes some increases in the market - including a 0.86 per cent hike on Nationwide's five-year fixed-rate deals.

For households with a £200,000 balance outstanding on their mortgage, he notes that the monthly increase in outgoings as a result of the hike could reach £143.33.ADNFCR-2300-ID-19213677-ADNFCR
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