Affordable mortgage rates ‘still available’

There are still affordable rates available within the home loans market despite the onset of the economic downturn, it has been claimed.

Low prices can be found on some mortgages, according to MyMortgageDirect representative Catherine Hearnden, who advised people to opt for fixed-rate products.

“As long as you get a rate that you think is affordable and you are happy to pay for three, four or five years, then take that rate,” she recommended.

Ms Hearnden said that a price of between four and five per cent represents a “good deal”.

And she urged people not to rush into decisions on taking out products such as homeowner loans, saying that they should not feel under pressure to enter into agreements.

It comes following the latest figures from the British Bankers’ Association, which revealed that 28,179 mortgages were lent during February, up by 16.1 per cent the month previously.

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