Abbey Mortgages: Homeowners "confused" over remortgaging
www.moneynews.co.uk > Mortgages > Abbey Mortgages: Homeowners "confused" over remortgaging
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Money News |
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Abbey Mortgages: Homeowners "confused" over remortgaging
Thu 21st Feb 2008
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Although the base rate was cut recently by the Bank of England and is expected to continue to fall, confusion about how much it will drop by and when from analysts means that people are finding it difficult to decide on the best mortgage option for them.
Lenders have added to the confusion over the last few months by widely re-pricing their fixed and tracker rates.
As a result, Abbey's research found that two-thirds of the British home-owning population would find it difficult to choose their next mortgage if they were remortgaging tomorrow.
Nici Audhlam-Gardiner, head of Abbey Mortgages, said: "Depending on who you talk to there are different outlooks for the UK economy and for Bank of England base rates… This uncertainty leaves homeowners with a bit of a dilemma on their hands - what is the best mortgage to go for?"
She added that Abbey had found that the two-year fixed-rate deal is still the most popular among homeowners, closely followed by five-year fixes.
Earlier this month the bank announces that it is to reduce interest rates on its range of five-year fixed-rate mortgages, by up to 0.46 per cent.
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