UK Money News
17th July 2008
Homeowners urged to hold fire before fixing
Homeowners have been urged to delay taking out a fixed rate mortgage, amid signs that deals are beginning to get cheaper.
Mortgage broker John Charcol claims that cuts to the cost of fixed rate offerings announced by Nationwide, Abbey, Woolwich and Northern Rock is indicative that deals are set to get cheaper from here on in.
Should this be the case it would represent the end of a year-long period in which rates on mortgages have steadily increased.
Drew Wotherspoon at John Charcol said: "For far too long, the status quo of the mortgage market has been increasing rates and misery for most borrowers.
"The crunch has seen liquidity in the market all but dry up, but news from Nationwide that they are cutting both tracker and fixed-rates will come as a huge relief for all borrowers. "
He concluded: "With one of the country's leading lenders taking this welcome step, this should be a sign of things to come."
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