Over the last few years mortgage holders have fixed their interest rates. In 2008 many fixed rates will revert to he lenders variable rate and so 1000s of will be searching for a better deal.
According to Damian Youell of http://www.remortgagesupermarket.co.uk a large percentage of mortgage holders will be shopping around, looking for a better fixed-rate deal. Unfortunately, over the last 12 months, the mortgage market has changed, whereas two or three years ago it was possible to fix your mortgage interest rate at an extremely low rate. Due to the Bank of England and the monetary policy committee increasing the base rate over the last couple of years, fixed interest rate mortgage bargains are hard to come by.
Damian went on to add that the credit crisis and the tightening up of lending criteria, will also make fixed law interest rate mortgage products.
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Tuesday, March 25, 2008
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