John Charcol asks whether the time is right for a fixed-rate mortgage

Date:Tuesday 9th November 2010
Author: Susanna Kavka

A source from John Charcol has discussed how GDP figures may affect a person's decision as to whether they should switch to a fixed-rate mortgage from a tracker.

Ray Boulger, a spokesperson for the firm, pointed out that the initial figures announced by the Office for National Statistics (ONS) can get revised up or down.

He listed a number of examples from 2008 when the stat has altered by as much as 0.5 percentage points between the first assessment and the ensuing revisions.

"Following the third quarter GDP figures, one has to question whether the dynamics of the market have changed enough to mean that it is now time to switch," said Mr Boulger

The ONS recently declared GDP grew 0.8 per cent in the third quarter of the year, compared with 1.2 per cent growth in the second quarter of 2010.

Mr Boulger claimed there is still time for revisions of this latest figure.