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News
Interest Rate Cuts
Brokers have agreed with the Council of Mortgage Lenders that variable rates will become more prevalent due to further cuts in interest rates.
It was revealed last week that the number of fixed rate mortgages had dropped from 72% in September to 68% in October.
It’s predicted that the trend would continue in 2008 as borrowers did no longer think they needed to guard against rate rises especially as a further rate cut is predicted for early in 2008.
Many fixed products were still attractive and borrowers coming off very low rate would be shocked when the look into the variable products and would be looking for the lowest deal. First time buyers and those with adverse credit history wee expected to prefer fixed rate products.
The fixed rate deals would be preferred by those on a tight budget and could not afford repayments if the rates were to rise.
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