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Individual personal finance situation `important in mortgage choice`

20/03/2008

People planning to take out a mortgage have been advised to consider their personal finance situation in order to avoid repossessions, it has been suggested.

Council of Mortgage Lenders (CML) spokesperson Sue Anderson said that there is no "one-size-fits-all solution" that suggests all first-time buyers would benefit from taking out a particular type of loan to buy a property.

She said when people compare tracker mortgages with those offering fixed interest rates, they should consider "their own attitude to risk and the risk of rates moving either in their favour or against them".

What is also important is that people should bear in mind "the extent to which they want absolute certainty about their level of outgoings", Ms Anderson added.

Last month, the CML suggested people are moving away from fixed-rate mortgages in favour of those loans that offer tracker interest rates.

In January, fixed-rate mortgages made up 57 per cent of loans, compared to 77 per cent last summer.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according