Moneyfacts.co.uk: Slashed mortgage rates mask fee increases
www.moneynews.co.uk > Mortgages > Moneyfacts.co.uk: Slashed mortgage rates mask fee increases
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Money News |
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Moneyfacts.co.uk: Slashed mortgage rates mask fee increases
Thu 7th Aug 2008
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The site explained that while the average rate on a two-year fixed rate mortgage has fallen from a peak in July at 7.08 per cent to 6.90 per cent now, average fees have risen by nearly £100 in the last month.
According to Moneyfacts, a £150,000 repayment mortgage with a £100 fee increase means an additional 0.06 per cent increase in the rate.
This means a customer has only really had a 0.09 per cent net reduction, not 0.15 per cent.
A spokesperson noted: "On a positive note, swap rates have continued to fall and are now at their lowest level since 13 April."
Abbey cut its mortgage rates this week on some two and three-year fixed rate tracker deals by 0.10 per cent.
Britannia Building Society has also launched a new two-year fixed deal with a rate of 5.94 per cent for up to 75 per cent loan to value.
Click here for more mortgage news.
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