Fixed-rate mortgage holders 'ignore savings'
www.moneynews.co.uk > Mortgages > Fixed-rate mortgage holders 'ignore savings'
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Money News |
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Fixed-rate mortgage holders 'ignore savings'
Thu 20th Aug 2009
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Jacqueline Thornton, financial planner at Re-Financial Planning, noted that many people are deciding to stay on a fixed-rate mortgage rather than save money by moving on to a standard variable rate (SVR) with a lower interest charge.
Because of this, she has been advising people to lock into a longer fixed-rate mortgage deal, perhaps with a five-year term, if they choose not to switch to an SVR agreement.
She said: "With all the upset over what has happened, for a lot of people, peace of mind is more important than the money they are saving."
Ms Thornton also warned that lenders have "cottoned on" to the increased interest in five-year fixed-rate mortgages, and are making them more expensive.
Research by Unbiased.co.uk indicates that 11 per cent of homeowners intend on moving to another mortgage deal when their discounted, fixed or tracker rate comes to an end.
Click here for more mortgage news
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