Borrowers end short-term fixed rate mortgage deals
A recent survey carried out has indicated that vast majority of borrowers were looking to end their short-term fixed rate mortgage deals.
Caci, a mortgage market database has forecasted that by July 2008, many borrowers shall come off their short-term fixed-rate deals.
Market analysis, Phil Machin for Caci, commented: "You can segment the data by borrower type, region and look at the demand for mortgages in different areas. It is also possible to pinpoint monthly patterns of borrowers redeeming their mortgages, which helps lenders shape their retention strategies and product development."
Caci estimates that July will see a major impact in the number of borrowers coming off fixed deals and its results indicate 195,000 borrowers to end current mortgages.
Managing director of HBoS Mortgages, Joe Higgins, spoke further adding his comments: "Dipping our relationship with Caci in this way, not only provides all of our mortgage brands with immense granularity and exceptional geographic insight, but provides a tool that could potentially deliver each of those brands with a competitive edge."
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