Homeowners looking forward to new long-term mortgage deals
Alistair Darling from the Standard Life Bank feels that Labour
are looking into boosting the supply of long-term mortgages to
get homebuyers a better mortgage
The data gathered showed that many consumers taking out short-term
discounted mortgages do not save money simply because they do
not understand how important it is to remortgage. Through a standard
report it showed that homeowners should remortgage at least six
times to save money.
Chief Executive of Standard Life Bank stated that first-time
buyers need to stop looking for short-term rates, as this can
be costly on the long term.
“When people are considering taking out a new mortgage they should look beyond the short-term rate and check how the
SVR stacks up too. The report is clear in its conclusions that
for most people a competitive SVR will be the most beneficial
over the long term. Longer term fixed rates should also be considered,
given the certainty they bring.
“For those who want to take advantage of short-term deals
we should help ensure they understand how often they will need
to remortgage, but for those who are unlikely to remortgage five
or six times we need to provide mortgages with real long-term
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