Those seeking an easy loan that will provide them with peace of mind are quickly turning to fixed rates as the answer. Although the rates for this type of easy loan are very high right now, consumers don’t want to risk having them jump up any higher. For many, locking in a rate is the best type of easy loan that they can find.
“Fixes are popular because the future direction of interest rates is so uncertain,” says David Hollingworth of broker London and Country. “There is a lot of noise out there and alarming headlines. People want stable payments. They want to dissociate their finances from rate moves.” “Being a quick mover is key if you want as low a rate as possible,” he added. “In recent days the situation on the money markets has deteriorated further and the rates on two- and three-year offers are bound to rise to reflect this. Already both Abbey and Bradford & Bingley have increased the rates on their fixed deals.”
Drew Wotherspoon from broker Charcol adds: “De- pressingly for borrowers, it will not end here, with other [lenders] certain to follow. So the message for those who want a fixed rate is act now.”
Related reading: Easy Loan
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