Take pain of fixed rate now ‘for savings in the long term’

HOMEOWNERS are being told they may save in the long-run if they fix their mortgage rate now — despite an initial increase in monthly repayments.

Member of the Trusted Adviser Group, Kevin McNerney said he would advise mortgage holders to review their current repayment terms taking into consideration the recent announcement by the European Central Bank (ECB), which signals rate increases are on the way.

“All borrowers who are currently on a standard variable should certainly explore the options open to them with regards to fixing their mortgage. It very much depends on the bank they are with and whether or not it would be worth their while fixing,” he said.