Fixed rates were the main mortgage topic in the weekend money pages and according to the Times, some brokers have called the bottom of the market and are urging homeowners to move quickly to a good fix. Interest rates are at an all-time low but many homeowners already locked into high, fixed-rate mortgage rates may be considering whether it’s time to “ditch the fix” in favour of a cheaper deal. As noted in the Sunday Times- L&C Mortgages says it has seen a 50% increase in the number of people ditching their fixed rates since the end of 2008. Experts say there are a number of factors which need to be considered before switching. These include the size of the mortgage, the time you have left, the amount you have to pay for switching early, plus arrangement fees on the new mortgage.
Elsewhere, the Independent on Sunday looked at the qualities of a long-term fixed rate, whilst the Sunday Telegraph devised a guide offering 50 ways to save money this year. Tips included getting the best mortgage rate possible, using savings to reduce your debt and using a fee-free broker for advice. The Mail on Sunday had a feature detailing the ‘phantom mortgage’ deals that are being offered by lenders under pressure from the Government to help borrowers. The loans appear available, but when borrowers apply, they are turned down. Brokers say this is especially true of the few loans available to first-time buyers with small deposits and younger borrowers, which are in practice harder to obtain.
