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Increasing living expenses have led to
The Council of Mortgage Lenders (CML) reported in April that almost nine out of 10 first-time home buyers chose a fixed-rate mortgage loan in February.

Its report added to reports that record numbers of first-time buyers were taking up fixed-rate mortgages amid fears that interest rates will continue to rise. But how safe is a fix-rate mortgage?

Fixed-rates at least offer some protection if interest rates do rise. However T.J. Green Colts Jersey , buyers shouldn?t be easily persuaded by the low rates of interest alone and should consider all the other costs of a new mortgage.

The CML said: ?With the chance of at least one more interest rate rise this year, first-time buyers are taking the sensible option in taking out fixed rate deals, and locking into the payment security they provide.?

Soaring house prices, especially in London Marlon Mack Colts Jersey , mean first-time buyers are having to save even harder for a deposit. Nationwide said last week that the average price paid by first-time buyers in the UK had increased from ?131,903 in April 2006 to ?145,801 in 2007.

That means a first-time buyer today would have had to find almost ?700 extra for a 5 per cent deposit as the house prices have increased by a massive 10 per cent.

New homeowners need to know exactly how much their monthly repayments will be so they can budget, which is why fixed rates are becoming increasingly popular.

Borrowers should look out for higher lending charges. These are fees imposed by a lender when the amount borrowed exceeds a given percentage of the value of the property.

Those with a small deposit are often affected the most as the charge usually applies when borrowing more than 90 per cent of a property's value. The fees can also be as high as 7.5 per cent of the amount borrowed.

However Tarell Basham Colts Jersey , not all fixed-rate mortgages come with high fees and there are other issues to be addressed such as the guarantee that interest rates elsewhere won?t lower. Also borrowers should know if they will actually be able to commit to paying off the mortgage for the fixed term.

It is not only first time buyers who may be considering a fixed mortgage rate and some of those looking at a remortgages may also be interested.

For example, The Nationwide Building Society recently became the UK's first mortgage lender to launch a 25-year fixed-rate mortgage deal at the 5.49 per cent rate. The deal comes with a low arrangement fee of just ?599 but will not charge a redemption fee after the first 10 years.

Louise Cuming, head of mortgages at price comparison website moneysupermarket, said: ?The Nationwide offering is an interesting variation on the fixed rate mortgage ? but can it conquer where others failed? It?s very risky for people to commit to a single product with one lender for such a long time when nothing in the future is guaranteed.

?Unless you have a crystal ball to foresee your own situation and future interest rates Nyheim Hines Colts Jersey , it is ludicrous to allow yourself to be tied into a contract for this length of time ? even though the product boasts no early redemption fees after 10 years. Not only this, but interest rates are expected to start reducing next year, so it makes no sense to commit now to what is potentially a high rate of interest.

?It strikes me as a clever marketing ploy to maximise customer retention by taking advantage of people?s desire for ?security?. I would urge people to look elsewhere for peace of mind ? there are plenty two and three year deals on good rates. But, if a longer term fix is required with a ?get out? clause after 10 years Tyquan Lewis Colts Jersey , better options are available.?

While fixed-rate mortgages may seem to be borrower?s way around forking out hundreds of pounds with rate rises, it is an agreement that must be entered into with caution and you must be very positive that your financial situation will either stay the same or improve. These comments may also be on interest to those looking at remortgages.

Author's Resource Box

Luke Ashworth writes for Accepted.co, offering views on secured loans in the UK, visit www.accepted.co today for advice on loans and remortgages Kemoko Turay Colts Jersey , receive a quote within minutes.

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GUANGZHOU, April 16 (Xinhua) -- South China's economic powerhouse of Guangzhou has set a goal of having 80 percent of the city's manufacturing production done by robots instead of human labor by 2020.


According to an industrial development guideline issued by the municipal government on Tuesday, the use of industrial robots will be encouraged in mechanical and automobile manufacturing, food processing and the manufacturing of pharmaceutical Quincy Wilson Colts Jersey , electronic and dangerous products.


The document says that there will be subsidies of up to 30,000 yuan (4,800 U.S. dollars) for those who purchase or rent a robot, and a maximum one-off subsidy of 500 Malik Hooker Colts Jersey ,000 yuan for companies that introduce a complete set of automation equipment in Guangzhou, capital of Guangdong Province.


Increasing living expenses have led to an exodus of migrant workers from China's better-developed coastal regions to middle and western regions.


Workers in labor-intensive industries in Guangdong have staged frequent protests and strikes this year over pay. The latest massive strike continued for a third day on Wednesday in a shoe factory in Dongguan City. Thousands of workers from Yue Yuen Industrial (Holdings), a footwear maker for global sportswear brands including Nike and Adidas, took to the street after failing to agree with the employer on welfare programs.


The Guangzhou municipal government believes the rising human resource costs and increased demand for sophisticated manufacturing have provided an opportunity for accelerated roll-out of robots.


The government document pinpoints that the government will be dedicated to fostering . Cheap Air Max Mens   Cheap Air Max   Cheap Air Max Womens   Cheap Air Max Online   Cheap Air Max Mens   Cheap Nike Air Max Shoes   Nike Air Max Sale Free Shipping   Nike Air Max Womens Sale   Nike Air Jordan Shoes For Sale   Air Jordan Shoes For Sale Online 

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