UK Money News
15th July 2008
Borrowers urged to consider variable rate mortgages
Borrowers looking to minimise their mortgage outgoings should consider variable rate deals, according to a property portal.
Mform.co.uk issued its advice after research it conducted found that two and three-year fixes are becoming increasingly uncompetitive when compared with other offers.
The site discovered that the most competitively priced two-year fixed rate deal was ranked just 45th on a true cost basis.
Meanwhile, the best priced three-year fix is placed 20th in the tables.
Francis Ghiloni, mform business development director, said: "Fixed-rate mortgages have recently dominated the market as borrowers' prized security and certainty above everything else and lenders offered competitive deals.
"However, the cost of security appears to be excessive and fixed rates are now uncompetitive across the board for most product areas. Even SVRs can be more competitive on a true cost basis."
Separate research conducted by Spicerhaart Financial Services found that the average rate on a two-year fix now stands at 7.07 per cent.
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