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Homeowners in for remortgaging 'shock'
14 November 2008 15:58
Homeowners reaching the end of their current mortgage deal could be in for a shock, according to one expert.
Al Eliot, a spokesman for the Homeowners Advice Centre, has said that those coming to the conclusion of a base rate tracker product may have trouble finding a reasonably priced fixed rate deal.
Due to the presently challenging economic situation, the price of fixed rate deals has soared in recent months, which will no doubt come as a nasty surprise to many.
Mr Eliot said that the average borrower about to come out of their present deal may be in for a shock due to lack of availability of base rate trackers.
He added that even though fixed rates were currently very expensive, they may be the only option for those who need to refinance.
Research Tickbox and Opinion Matters in September found that 32 per cent of borrowers would rather pay a higher rate with their current lender than risk another mortgage provider rejecting them.
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