Consumers 'need to act fast to secure good mortgage deals'
Published On 9 November 2007
The consumer group has warned people thinking about getting a new mortgage deal not to delay too long.Yesterday (November 8th), the Bank of England opted for a cautious plan and held interest rates at 5.75 per cent.
However, David Kuo, head of personal finance at fool.co.uk, said that it was important for consumers to act swiftly to get the best remaining mortgage deals.
He explained: "Consumers should note that while the Bank of England has adopted and wait-and-see approach, we should not be tempted into playing the same waiting game because lenders aren’t.
"A recently study has found that there are now 40 per cent fewer mortgage products available compared to July.
"Given the uncertainty in the UK economy, fool.co.uk urges consumers to redress the balance by injecting certainty into their personal finances."
Mr Kuo said that homeowners approaching the end of their fixed-rate deals should try to overpay their mortgage repayments as this could give them access to "better-value products".
