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Charcol: Find a mortgage now if you want fixed rate

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People who are hoping to find a mortgage that offers a fixed mortgage rate are being urged to move quickly.

A number of mortgage lenders have pulled their fixed mortgage rate products over the last week, a trend that looks likely to continue, John Charcol's senior technical manager, Ray Boulger, warns.

He points out that as financial analysts become less confident that interest rates will soon be cut, swap rates are becoming higher. These rates, which fixed mortgage rate prices are based on, are now 0.3 per cent higher than they were a month ago, Mr Boulger says.

However, he says this could just be an odd hiccup.

But he urges people who want to find a mortgage with a fixed mortgage rate to either take out a market-leading mortgage that is still available, or wait until 2006 when rates may fall back.

Mr Boulger said the inflationary fears of the Bank of England should be diminishing.

It is also worth noting that the major recent worry for inflation has been the strength of the oil price and, although prices of petrol at the pump are yet to see a marked reduction because of a shortage of refining capacity after the hurricanes, crude oil has fallen 15 per cent from its high two months ago, he points out.

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