While base rates appear more competitive then six years ago, mortagage deals are not primarily as a result of inflated fees, according to money search engine Moneyfacts.
With another base rate rise anticipated in the short term, the market will just have time to come up for air before mortgage products are re-priced. Moneyfacts conducted research into how today's best deals compare with when rates were last 5.50% in May 2001, and 5.75% in March 2001. Base rates available today are as much as 0.47% lower than the comparable deals back in 2001, when the base rate was last 5.50%. Julia Harris, mortgage analyst at Moneyfacts, says: “However this doesn’t tell the full story, as the mortgage fees on these deals are up to five times higher, and no fee deals a...
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