Tuesday, May 08, 2007
Average application fee on 5% deals is a staggering £2,062
Firstrung: Homeowners looking to fix their mortgage rates can still find '5% deals'
analysis shows that in July 2006 homeowners could choose from as many as 112 fixed rate deals with an initial rate under 5%. However, since the Bank of England began raising interest rates in August '06 the number of attractive fixed rate deals has diminished at a rate of around nine products per month - and now it's a mere 29 products available from just 14 lenders
Posted by converted lurker @ 01:55 PM (324 views) Add Comment
2 Comments
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1. dobber said...
Hmm, let me see a £100,000 interest only mortgage over 2 years at a 5% fixed rate with a £2,000 arrangement fee, I make that 6%??
Am I missing something?
2. Scott said...
It reminds me of that scene on Only Fools And Horses when that bouncer grabs Rodney and says "If you give me £20, I will let you in for free".