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Loan claim: Fixed rate mortgages rising

The number of fixed rate deals available to customers has risen by 73 per cent in the last year.

According to moneyfacts.com, there are 634 loans available for consumers over a five-year period.

This type of loan is where customers pay a particular amount of interest on their loan over a set period of time.

However, this kind of deal can be expensive for first time buyers as it means that they will be paying higher amounts of interest from the beginning than they would on a variable loan.

Yet the government is trying to find ways to make lending easier to afford for first time buyers.

In the Budget, chancellor George Osborne outlined the Help to Buy scheme. This included the unveiling of partially interest free mortgages. For buyers who can put down a deposit of between five and 20 per cent on a new house they will not have to pay interest on a portion of its equity.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801576940-ADNFCR



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