MarketGuard has signed up three adviser firms to distribute its RateGuard product, which protects against rising interest rates.
First Action Finance, HomeLoan Partnership and Julian Harris have all signed up for the RateGuard product.
The product protects against increases in mortgage payments as a result of a rise in the Bank of England Base Rate or LIBOR.
Chris Taylor, CEO of MarketGuard, says: “With the uncertainty over the economy set to continue many people may be thinking of fixing their mortgage rate to guard against sharp increases in interest rates, but for some this isn’t an option due to tightened lending criteria, an increased loan to value or a change in their personal 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 offers our clients a way around this problem and at the same time expands the range of solutions our advisers can offer them – which can only be good.”