Home Loans
Fixed-rate Mortgage Holders Urged to Remortgage
(presented by www.refinance-refinance.net - mortgage lenders)
By Michael Eccles
More than a million fixed-rate mortgage holders are being advised to remortgage as soon as possible.
Price comparison site MoneyExpert is calling on borrowers to act fact so that they avoid large hikes in their monthly payments.
According to MoneyExpert, borrowers whose fixed-rate three-year fixed-rate deals are about to expire will be most affected as they face standard APRs of around 6.55 per cent.
This is more than two per cent higher than the 2003 average rate.
Sean Gardner, the chief executive of MoneyExpert, said: “The mortgage market is different from three years ago, but that’s not to say that there aren’t great deals to be had.
“Savvy homeowners can keep a low rate if they do a bit of homework and review the market”
Fixed-rate mortgage holders who fail to remortgage risk having to pay an extra 180 a month, says MoneyExpert.
Fee free mortgage deals may not offer homeowners the value for money they first think.
Based on an analysis of several mortgage packages, Moneysupermarket.com calculates that only people looking to borrow less than 57,000 can find a good deal with a fee free mortgage.
Based on this, the price comparison site concludes that they are best suited for those looking to remortgage or those who have already paid off a substantial part of their home loan.
Louise Cuming, head of mortgages at moneysupermarket.com, said: “It’s great to see lenders being innovative with products, but because mortgages can be so complex borrowers need to be cautious and ensure they get best deal.
“Fee-free deals are not as simple as they are marketed to be, so people need to look beyond any headline rates and special offers.”
“Unfortunately, the more money-conscious consumers are more likely to be attracted to the ‘free’ part of fee-free - but doing a !
bit of h
omework beforehand could expose the pitfalls of a fee-free deal,” she added.
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TML mortgages offer remortgages for people with poor credit history. CCJ remortgages are also available. |
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