A fixed rate mortgage may be the best deal for people taking their first steps onto the property ladder, according to finance website ukpersonalloanstore.co.uk.
First time buyers that bought their homes shortly before the first of the interest rate hikes may not be used to budgeting and may not have been prepared for the rise in repayments - particularly after having to take out the original mortgage which represents a massive adjustment.
The security of a fixed-rate mortgage offers first time buyers the opportunity to get a firm grip on their finances and avoid unexpected increases in outgoings.