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Homeowners 'in a fix' over mortgages

People thinking of remortgaging their homes are unsure about which deal to go for, according to one bank.

With increasing uncertainty concerning the economic slowdown, people are left in a dilemma over which mortgage product they should choose, Abbey has stated.

The situation has been exacerbated by the fact that many mortgage providers have been changing the rates of their fixed and tracker products, resulting in nearly two-thirds of homeowners being unsure what they would choose when put on the spot.

"Depending on who you talk to there are different outlooks for the UK economy and for Bank of England base rates," Nici Audlham-Gardiner, head of Abbey mortgages, said.

"While most economists agree they will go down, there is debate about how much they will fall and when. This uncertainty leaves homeowners with a bit of a dilemma on their hands - what is the best mortgage to go for?"

Long-term fixed-rate mortgages are becoming increasingly popular, according the bank's research, with ten and 15-year arrangements now almost as popular as two-year fixes.

See how much you could borrow with a home loan from Lombard Direct.
© Adfero Ltd

20/02/2008 14:09:37

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