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Fixed rate mortgage reductions 'a welcome Christmas present'
The decision by many borrowers to cut the rates on their fixed homeowner loans will prove to be "a welcome Christmas present" to some consumers, according to an expert.
Drew Wotherspoon of mortgage adviser John Charcol said first time buyers are to particularly benefit from "welcome" festive cheer as they look to enjoy the security of such offerings.
He added that existing borrowers on variable rates are also likely to take advantage of the reductions, as it marks an ideal time for them to "lock into" the most suitable deal.
The expert added: "However, a note of caution.
"Rates are undoubtedly going to have to increase at some point in the future, so picking the right length of term for a new mortgage is as important as getting the best rate you can."
Recent figures published by Moneyfacts.co.uk found that the total number of mortgages now available in the UK has risen from 1,209 to 1,624 over the past eight months.