Providers want to 'lock in' mortgage customers, says moneysupermarket.com
www.moneynews.co.uk > Mortgages > Providers want to 'lock in' mortgage customers, says moneysupermarket.com
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Money News |
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Providers want to 'lock in' mortgage customers, says moneysupermarket.com
Tue 25th May 2010
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Hannah Mercedes Skenfield, mortgages channel manager at the comparison site, made her comments following research by the firm showing the number of mortgage products has dropped dramatically over the past three years.
However, she highlighted how five-year fixed-rate deals are an anomaly, with this type of finance arrangement growing ten-fold during the same period.
Ms Skenfield suggested take-up of such deals may be quite low, despite financial institutions' attempts to lock people into long-term mortgages.
She added: "Everyone knows that the only way rates can go is up, but five years is a big bet to place."
According to moneysupermarket.com, current inflation figures are having a serious impact on people's savings, with few products offering a return above inflation.
The site highlighted the importance of keeping an eye on interest rates, particularly on fixed-term accounts.
Click here for more mortgage news
Related News : Mortgages |
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