Moneysupermarket.com: End of fixed rate deals will create "borrowing underclass"
www.moneynews.co.uk > Mortgages > Moneysupermarket.com: End of fixed rate deals will create "borrowing underclass"
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Moneysupermarket.com: End of fixed rate deals will create "borrowing underclass"
Tue 1st Jul 2008
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A poll of site users found that 51 per cent with mortgage deals coming to a close have not begun seeking replacements, while one in six found a new deal but fear they will not be able to meet the higher monthly payments.
Warning of "heartbreak" for homeowners this month, the site also said 18 per cent have struggled to find a new deal they can afford or for which they qualify.
Louise Cuming, head of mortgages, said banks were cherry-picking customers, leaving many unable to find affordable deals.
She said anyone with a fixed rate deal should start planning at least three months before its end, recommending that homeowners ask their lenders about "retention" products, and seek further advice from a broker.
Ms Cuming also warned that competitive deals are being withdrawn with little notice.
HSBC has just withdrawn its popular Rate Matcher mortgage deal for new customers, but has launched three new deals in its stead, according to the Fair Investment Company.
The bank now offers a two-year discount mortgage at 4.99 per cent and still offers fixed rate deals, although rates have risen.
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