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Charcol offers short term discount deal

20th April 2005 | back to article listings BACK    print this article PRINT

As speculation mounts that the Bank of England is set to raise interest rates, mortgage broker Charcol believes it has found a path through the confusion for consumers.

As economists speculate over whether interest rates will rise, fall, or stay the same in the near future mortgage holders can be forgiven for not knowing whether a fixed-rate, discounted mortgage, or simple base rate tracker is the best option.

The mortgage broker believes a short term discount deal, which can easily be switched out of, allows customers to reduce their mortgage payments in the short term and wait until the current speculation gives way to more certainty on where interest rates are headed.

Elliot Nathan, product development manager for Charcol, noted: "The thousands of borrowers who are coming to the end of a low fixed rate they secured two years ago are in for somewhat of a shock. In some instances, their interest payments will be doubling which is likely to be difficult for some to manage.

"The problem is that no-one is certain which way rates will move next and many borrowers will be unsure what to do.

"What we are suggesting is to take a short-term deal with very low costs and wait and see."

Short term discounted mortgages are available from as little as 4.3 per cent. Charcol points out that these allow borrowers to move at any point during the initial discount if interest rates move favourably, paying nothing more than a deeds release fee of £75.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/1822.html. Alternatively, please see our full press release archive.

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