Scottish Building Society Three-Year Fixed-Rate mortgage among recent rises

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Scottish Building Society Three-Year Fixed-Rate mortgage among recent rises

Wed 12th Apr 2006

Financial advice website Moneyfacts has today published a statement regarding a number of home loan products that have recently had their rates increased, one of which being the Scottish Building Society Three-Year Fixed-Rate mortgage.

This offer has had its interest level increased from 4.98 to 5.29 per cent, while similar term deals from HSBC, Chelsea and the Co-operative Bank have also seen rate rises to 4.99, 4.84 and 4.99 per cent respectively.

Rachel McKay, mortgage analyst with Moneyfacts, states that many lenders have been adjusting their short-term fixed-rate recently, mostly with increases of around 0.1 per cent.

However, with products such as the Scottish Building Society Three-Year Fixed-Rate mortgage slightly larger rises have occasionally occurred, Ms McKay said.

She added that customers could begin opting for slightly longer term deals, seeing as the UK economy is fairly stable at the moment and there are signs this could continue.

"With thousands of products to choose from, consumers should take care to choose their rate type carefully, especially taking into consideration their future plans, work prospects, financial situation and family plans," Ms McKay advised.