Capped mortgages to make a comeback
Homeowners who are planning to invest in a new pool house or garden studio to make their property more appealing to buyers could be interested in the latest comments from What Mortgage.
The firm has predicted that many lenders may soon start to offer capped home loan deals again once the base rate of interest begins to rise.
When the Bank of England's Monetary Policy Committee reduced interest rates to an all-time-low last year, a large proportion of mortgage providers withdrew their capped deals in favour of other products.
However, What Mortgage editor Ben Wilkie believes that more will begin to follow the lead of Coventry Building Society, which is now offering a deal at 2.99 per cent with a 3.99 per cent cap.
He explained that capped mortgages might not be the cheapest deals, but they offer peace of mind.
"They were a popular deal so they certainly will have a place in the market. I think that once people start to think that interest rates will go up, they will become more popular," Mr Wilkie said.
Posted by Paul Steel
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