Borrowers must watch the base rate, says moneysupermarket.com
www.moneynews.co.uk > Mortgages > Borrowers must watch the base rate, says moneysupermarket.com
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Money News |
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Borrowers must watch the base rate, says moneysupermarket.com
Tue 15th Sep 2009
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Hannah-Mercedes Skenfield, mortgage spokesperson at the comparison site, observed that the fact that the Bank of England's base rate is so low has made tracker and variable interest rate deals look appealing.
But she pointed out that the popularity of these types of mortgages depends very much on the base interest rate staying down, because as soon as it goes up people will end up with much larger monthly repayments.
"This appeal is likely to last as long as the base rate remains low and lenders such as HSBC and First Direct continue to offer headline rates on their discount and tracker mortgages," said Ms Skenfield.
Enquiries into variable interest rate and tracker mortgage deals now make up nearly 67 per cent of the requests received by the comparison site, according to its research.
This week, Ms Skenfield commented on the Council of Mortgage Lenders' lending figures for July by saying that there is evidence that the wheels are beginning to turn within the sector.
Click here for more mortgage news
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