Homeowners ‘confused’ about mortgages

Many homeowners are in confusion about which is the best mortgage product to go for, it has been claimed.

Abbey Mortgages has stated that concerns relating to the UK economy and the direction of the Bank of England base rate are leaving people in a quandary.

Lenders have recently repriced fixed and tracker rates, reports the firm, leading two-thirds of homeowners to state they would have difficulty choosing a mortgage if they remortgaged tomorrow.

According to head of the firm Nici Audhlam-Gardiner, the debate over whether interest rates will go down and by how much is confusing mortgage customers.

She said: “This uncertainty leaves homeowners with a bit of a dilemma on their hands – what is the best mortgage to go for?”

This month, the Bank reduced the base rate by a quarter-point to stand at 5.25 per cent.

Ms Audhlam-Gardiner claimed that the majority of economists are in agreement that there will be further cuts this year.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *