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Mortgages -
John Charcol: Fixed rates a better bet - 17/01/2008
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Fixed rate mortgages are becoming more competitive in the current market, advisers at John Charcol have claimed.
The news follows the products becoming increasingly more expensive in the wake of the credit crunch - with the products reflecting the rise last year of the inter-bank lending rate.
Now, with the central banks' injection of funds onto the global markets last month seemingly easing the inter-bank rate, John Charcol claims that fixed products are becoming more competitive.
Indeed, lenders including Lloyds TSB and Intelligent Finance cut their fixed products by an average of 0.15 per cent last week - while their tracker mortgages increased.
However, with further interest rate cuts from the Bank of England on the horizon, tracker rates could still be a better longer-term bet for customers, analyst Katie Tucker at John Charcol added.
"Leeds Building Society has clearly obtained some competitive money, or had a lot of savings deposited, because it is the market leader on most categories of fixed rates," she added.
"Yet the message to borrowers is allow time to apply - lenders with good rates will be very busy, very soon and their queues to issue mortgage offers creep quickly, up to several weeks long."
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