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Mortgages getting cheaper

The cost of fixed rate mortgages have started to come down in recent weeks as the anticipation of base rate reductions next year appears. Many of the top mortgage lenders including Santander, Nationwide and Coventry BS have dropped their fixed rate mortgage deals and some of their tracker products as well.

"The falling cost of fixed rate mortgages will be welcome news for the many thousands of people who are coming out of 2 or 3 year fixed deals and are looking to get on another cheap fixed rate mortgage." says MortgageBroker.co.uk.

A recent survey of mortgage customers found that 35% of people said that they were attracted to their mortgage lender by their fixed rate interest product. This compares with on 14% who were attracted by a variable rate interest product.

15 August 07

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