Brits shouldn't worry about fall in discounted mortgages
Homeowners who have invested in a bespoke conservatory or pool house in the hope of attracting buyers need not worry about the fall in the number of discounted rate mortgages.
According to MyMortgageDirect, the reduction in the availability of such home loans is not a negative thing as they can often be a little vague in nature.
Recent Defaqto statistics show that 72 per cent fewer discounted rate mortgages are currently available than three years ago.
However, there are 33 per cent more fixed-rate deals and 36 per cent more tracker mortgages available.
MyMortgageDirect director Catherine Hearnden explained that many people now actually prefer tracker deals over the discounted options.
"A tracker rate [offers] a far easier way of knowing what your rate's going to do if the base rate changes, it is going to change when the base rate changes," she said.
Ms Hearnden added that discounted mortgages are a little confusing as it can be difficult to understand what will be taken off the price.
Posted by Cheryl Stevenson
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