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Grant Thornton tells borrowers to be wary of fixed-rate mortgages

Accountant Grant Thornton is warning fixed-rate mortgage buyers that they could be big losers if Britain joins the single European currency.


If the UK joins Monetary Union, Grant Thornton says current interest rates of around 7 per cent will have to fall to around 4 per cent to be in line with the rest of Europe.


Grant Thornton EMU partner and EMU spokesman Stephen Dexter says: &#34Looking to Europe, fixed-rate mortgage holders could be left in an unenviable situation. Home buyers should keep their options open and ensure they are not locked into a scheme for too long.&#34

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