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Posted by Emily Swanson

People considering the possibility of taking out a fixed-term mortgage should act sooner rather than later, an expert in the industry has suggested.

Ben Wilkie, editor at What Mortgage, feels that the short-term versions of these home loan products are unlikely to experience any significant falls in price in the near future as the sector continues its recovery in the wake of the recession.

Mr Wilkie explained that long-term alternatives may reduce slightly in cost over the coming months, but insisted there is "no real reason to wait for a longer period of time" for those individuals scouring the market at present.

Figures published by the Council of Mortgage Lenders last week (November 11th) revealed that the number of house purchase loans taken out in September was slightly lower than the number recorded one month previously.

And the What Mortgage official indicated this could be due to the fact lenders are now charging higher fees on fixed-rate packages because of increased regulation in the sector.

16/11/2011 16:01