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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Sunday 13th July 2008
As the cost of fixed rate mortgages continues to ride higher and higher a number of people have taken to transferring from fixed to variable rate to grab the small savings on offer. But are these savings for real at the end of the day? Is it really time to jump between fixed and variable?
It was reported just a couple of months ago that the average fixed mortgage arrangement fee had increased to £968 from just £514 in June 2006. This seems to have spooked many and opened up the variable rate market to more serious consideration, resulting in more variable rate mortgages of late.
However, a new report out today has poured cold water on this idea to save money by claiming that the average variable rate mortgage agreement now cost £1,023 to arrange having increased form £823 just six months ago. It seems that wherever you are looking for your mortgage, assuming you are able to gain approval, home owners are having to pay rising set-up costs. In public the banks and the government claim to be doing all that they can to help the housing market, but behind the scenes many banks are just feathering their own nests at the expense of consumers. |
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