MoneyExpert urges homeowners to 'shop around'
www.moneynews.co.uk > Mortgages > MoneyExpert urges homeowners to 'shop around'
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Money News |
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MoneyExpert urges homeowners to 'shop around'
Mon 13th Mar 2006
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MoneyExpert's research claims that in 2004 fixed-rate mortgages had average annual percentage rates of around 5.3 per cent but that now these have dropped to roughly 5.06 per cent.
A quarter point interest rate cut in August 2005, the last time the Bank of England monetary policy committee changed the rate, is believed to have contributed to the decrease.
MoneyExpert calculates that a mortgage on a £136,500 at the current fixed-rate of 5.06 percent will cost a homeowner on average £20 less a month in repayments.
Sean Gardener, chief executive of MoneyExpert, said: "Savvy homeowners can stay ahead of the game if they do a bit of homework and review the market.
"At the very least they should look to move their fixed-rate deal to another and should certainly not become stuck with their lender."
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