First-time buyers should turn to hybrids

First-time buyers looking to take advantage of the last months of the government's stamp duty holiday in order to make the best use of their finances and save some money should turn to hybrid mortgages, according to an expert.

Catherine Hearnden, director at MyMortgageDirect, said that hybrid mortgages are a good way to save money while also staying financially secure in the years to come.

"I think that it will keep their costs down now, but it will stop them spiralling in a few years if rates do go up. It is an excellent option."

She said that it is likely that track and fix mortgages will become more popular in the future, thanks to the fact that banks will be looking to offer them to entice more first timers.

Those looking to save money have until March 24th to take advantage of the stamp duty holiday, at which point they will have to pay the tax on any home they buy costing over £125,000.

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