Taking out a fixed-rate mortgage can be the most sensible option for many people looking to buy a home.

This is according to Paula John, editor at Your Mortgage, who said that fixed-rates are a form of mortgage that is always worth considering.

She explained that getting a fixed deal at around five per cent can be a very good rate, despite appearances created by the 0.5 per cent Bank of England base rate.

"If you look at it over the longer term, then a five per cent fixed rate can be very sensible," Ms John stated.

In addition to fixing the rate, she believes that sticking to it for as long as possible is the best option, especially for first-time buyers who are inexperienced and could need the safety net of knowing what exactly their repayments will be.

Moneyfacts recently noted that the average margin of a two-year fixed-rate mortgage has risen from 1.28 per cent to 3.29 per cent over the past two years, despite the base rate remaining the same.

Written by Fiona Mayers

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