A fixed-rate mortgage may be a sensible option for those on the "edge of affordability" given that repayments do not change with alterations to interest rates, an expert has said.

Moneysupermarket has noted that this kind of deal is often attractive to those buyers who have calculated their maximum affordability and could not run the risk of paying extra each month.

The group has stated it is important to remember that, while falling interest rates may not make fixed-rate mortgages the best deal at the moment, they offer good "peace of mind".

Asked about the long-term benefits of fixed-rate mortgages, Louise Cuming, head of mortgages at moneysupermarket.com, said: "I honestly think it's got to be based on personal circumstances.

"For people at the maximum of their affordability, I would never suggest that they take a gamble on rates. None of us have got a crystal ball – who would have predicted what happened last year?"

In related news, the Post Office recently announced a further cut to its three year fixed-rate mortgage.


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