Mortgage holders locking in

One of the major problems facing those who wish to compare mortgagesin the current market is the lack of deals with a high loan-to-value. With lenders still reluctant to fork out much cash, potential homeowners often have to scrape together sizeable deposits before they can think about getting on to the market.But this week Britannia has decided to take note of this and launch 90% mortgages. The building society explained that it has listened to concerns from customers and the deals will ensure there are affordable mortgages for first time buyers in particular.A 60% and 75% option is also available and managing director of member business Tim Franklin stated that the move will mean greater choice for borrowers. "Britannia has always taken a cautious and prudent approach to lending and with lower house prices and interest rates we feel this is the right time to help first time buyers get on the property ladder," he said.The other key point to note is that these are fixed rate mortgages and Mr Franklin suggested that now is a great time to be signing up to such a deal. The Bank of England's base rate is currently at its lowest-ever level of 0.5 per cent and the general consensus among experts is that it is not going to drop any further.Advice to lock in at a low rate also came from mortgage broker John Charcol this week, with the firm's Ray Boulger suggesting that swift action should be taken. He observed that swap rate rises could mean that banks soon start raising charges, meaning those who want the best fixed rate mortgages need to move fast."The message for borrowers wanting to take a fixed rate is clear; get in now or miss out on the current relatively low rates," he remarked.However, figures from the Council of Mortgage Lenders have suggested that consumers have not been slow to react and in fact have already been getting themselves on to fixed rate deals.According to the statistics, 69 per cent of borrowers chose fixed rate mortgages in April - the highest proportion seen since June of last year. Head of research Bob Pannell noted that people are also entering into longer-term deals of between five and ten years, which could indicate that those looking for mortgages expect the deals currently available to be as good as it gets.