Secured loan customers warned over mortgage deals
08/08/2008People looking to pick up a new mortgage deal or secured loan on a house in the future need to ensure that they look beyond the headline rate when deciding, it has been claimed.
According to research from Moneyfacts.co.uk, the average rate of a two-year fixed deal has fallen from 7.08 per cent in July to 6.90 per cent today.
Despite the drop, the financial website is warning of "a sting in the tail", as some firms have brought down rates but not increased fees, while others are now offering a percentage fee rather than a fixed monetary fee.
"In recent weeks many lenders have announced cuts in their mortgage rates, leading to many people predicting that we may have turned that corner ... but typically there is a sting in the tail," commented Moneyfacts.co.uk.
Moneyfacts.co.uk is a consumer website which attempts to help people make better financial decisions, giving them the ability to search the products over the entire market.
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