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Nationwide says buy fixed loans before rates rise

Nationwide Building Soc-iety is urging borrowers to snap up fixed-rate mortgages as it believes rising money markets could shorten the shelf life of the cheapest deals.

It says borrowers should look at locking themselves into a fixed-rate mortgage before the current upward trend in the long-term cost of money forces lenders to withdraw their best deals.

The recommendation comes as the society predicts that the popularity of remortgaging will rocket over the coming months.

It claims that remortgaging is likely to account for more than 40 per cent of the market – it currently accounts for 30 per cent – soon after the new year as borrowers look for ways to save money and the volume of housing transactions declines.

A Nationwide spokes-man says: “The long-term money markets are on the way up so it could well mean that these deals are well worth getting into now. And with people looking to save money, we believe that remortgaging will hit at least 40 per cent over the next few months.”

London & Country mortgage specialist David Hollingworth says: “Nationwide could be right. When you see remortgage deals that are the cheapest for 40 years and no strings attached it is going to generate a lot of interest.”

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