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Would be property owners advised to consider hybrid mortgages
07 Feb 2012
First-time buyers looking to become property owners have been advised to explore the possibility of hybrid mortgages by Catherine Hearnden, director at MyMortgageDirect.
A track and fix hybrid mortgage could be perfect for those buyers looking to get onto the property ladder for the first time because of the relative affordability of such deals.
Such arrangements can help prevent costs spiralling out of control, ideal for first time buyers who will already be looking at shelling out for property insurance and other similar costs.
Ms Hearnden said: "Lenders will still be looking at swap rates for the fixed part [of the deal], so I can't imagine that it is costing them anything. They have just got that little bit of uncertainty now, but that is the same with pricing any mortgage product."
Haart revealed recently it had seen a last minute surge of interest from first-time buyers looking to buy before the end of the stamp duty holiday in March.
Posted by Michael Brown
