Abbey Five-Year Fixed-Rate mortgage among changes
www.moneynews.co.uk > Santander > Abbey Five-Year Fixed-Rate mortgage among changes
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Money News |
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Abbey Five-Year Fixed-Rate mortgage among changes
Mon 8th May 2006
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Procurement fees for its five, seven and ten-year fixed rate mortgages will now be higher in a move that could be followed in other products.
Though the news was welcomed by brokers quoted on the MortgageIntroducer.com website, buyers taking out an Abbey Five-Year Fixed-Rate mortgage are now set to be hit by higher rates and charges. Tracker and capped products are also rumoured in the report to be heading for a similar move.
News of the increase comes as lenders start to prepare for a likely increase in the interest rate by the Bank of England, even though it announced last week that it was keeping it the same.
However, most experts believe that a rise is on the table, which would increase the rate paid by holders of variable mortgages that are linked to it. Though not affecting current fixed-rate mortgage holders, the rates for new ones are likely to match those paid by variable-rate holders.
An improving housing market is just one reason why pundits expect an increase in the rates, though other pressures, such as oil prices, would also affect a decision.
Bank of Scotland and GMAC all pulled their fixed-rate mortgages last week though others such as Yorkshire Bank are waiting to see how things develop.
With news of this and higher procurement fees, it means that attractive fixed-rate mortgages could be a disappearing breed.
Related News : Santander |
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