If you are a homeowner looking to limit the effects of rising mortgage rates you should make sure you consider discount-rates as well as fixed-rates. Whilst fixed-rate mortgages give people certainty of payment, they may not have the cheapest cost over the life of the mortgage. Particular care should be taken when there is a prospect that interest rates may start to come down- in these circumstances taking out a three or five year fixed rate mortgage may be throwing money away.
Recent research by mform.co.uk found that as at 26 July 2007 the average true cost of the 10 best two-year discount deals is
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