MarketGuard has signed up three adviser firms to distribute its RateGuard product that protects against rising interest rates.
First Action Finance, HomeLoan Partnership and Julian Harris have signed up for the RateGuard product, offering protection against increases in mortgage payments as a result of a rise in the Bank of England base rate or LIBOR.
Chris Taylor, chief executive officer of MarketGuard, says: “Many people may be thinking of fixing their mortgage rate to guard against sharp hikes in interest rates, but for some this isn’t an option due to tightened lending criteria, an increased LTV or a change in their circumstances.”
Joe Cohen, managing director at First Action Finance, says: “It is possible that lending will remain tight for the near future at least, meaning some people could be unable to remortgage. RateGuard off-ers our clients a way around this.”