2
Apr
Help for fixed-rate movers offered
Advice has been released for people about to leave their fixed-rate
mortgage deals by the Money Advice Trust.
The trust said that its main aim is to forewarn consumers about the
price rises they might face when their current deals come to an
end.
In tandem with the Council of Mortgage Lenders (CML) it will allow
these homeowners to think about alternative deals.
Director general at the CML Michael Coogan said that because of the
uncertainty currently being seen in the housing market, such help
is crucial.
"A large number of borrowers are likely to see their mortgage costs
rise when their fixed-rate deals expire this year. We may be past
the peak of the payment shock this will produce, but market
conditions remain uncertain and borrowing costs are continuing to
rise," he noted.
Moneysupermarket.com this week suggested that smaller service
providers are offering the best mortgage deals in the present
climate.