Archive for the ‘Mortgages’ Category
Tracker Mortgages Proved to be more Expensive
Homeowners are discovering that certain mortgage products are becoming more expensive and harder to obtain, according to a new study.
In a study by Defaqto, revealed that since the summer of last year the number of bank base rate (BBR) tracker mortgages available in the market has fallen significantly. In July 2007, about 591 of this type of financial product, in which the interest rate charged changes following decisions by the Bank of England Monetary Policy Committee (MPC) states that is in existence. However, this has now been reduced to 452. This represents a decrease of 23.5 percent.
In addition, the load above the BBR was identified as increasing in recent months. According to financial research company, such charges were previously stable between 0.5 and 0.75 percent, an average of 0.6 percent, depending on the duration of the mortgage. Now, however, the typical loading rate stood at 1.16 percent.