A PENARTH Mortgage Broker has urged buyers to act quickly if they are serious about a fixed rate mortgage.

John Pearson of Mortgage Search Go has warned home-owners that the attractive fixed rate deals on offer at the moment may not be around for much longer.

‘‘People have got used to low rates.’’ says Pearson, who has run Mortgage Search Go for the past five years.

‘‘We communicate with lenders on a daily basis, and there has been a trend recently which has seen “swap” rates - rates used by lenders which are closely linked to mortgage pricing - increasing. With bank rate being 0.5% for over four years, there have been some cracking deals out there. However, its true rate should be between 4-6%. ’’

Pearson said fixed rate deals will be more expensive in the near future.

‘‘We have already seen one lender in the UK, Paragon Mortgages, withdraw its entire range of fixed rate products for buy-to-let properties. I am of the opinion that other lenders will follow suit; making the fixed rate deals more expensive, or more difficult to obtain.’’

Paragon Mortgages MD, John Heron has said there is no intention of reintroducing the recently removed fixed rate deals.

‘‘If I were looking for a 5 year fixed rate; I would act now,” said Pearosn. “It looks like the interest rates are far more likely to go up rather than down.’’ said Pearson.

For more information regarding first-time buyer or buy-to-let mortgages, see www.mortgagesearchgo.com. Follow them on Twitter @MtgSearchGo.