Huge rise in number of cheap five-year fixed-rate mortgages
Anyone who is unsure whether they should take out a fixed or tracker-rate deal when trying to find a remortgage might want to turn to the Co-operative .
Explaining the decision, John Barker, head of mortgages at Co-operative Financial Services, said: With the unpredictability of interest rates at the moment, we are now providing customers with the opportunity to choose between a fixed or tracker product at exactly the same initial rate.
He added that it is difficult to predict what will happen to interest rates over a two-year period, so anyone trying to find a remortgage deal will need to assess their personal circumstances before making a decision.
Speaking last week, Louise Cuming of moneysupermarket.com said that a fixed-rate mortgage will suit anyone who wants certainty about their payments and does not want to gamble on a tracker mortgage.
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