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Aug 04 2008 Accord Mortgages has launched a new fixed-rate deal which it claims will enable borrowers to fix their monthly repayments at a lower rate. The product has a two-year fixed-rate of 5.49 per cent and a maximum loan-to-value of 60 per cent. Ending on September 30th 2009, the deal has a product fee of 2.5 per cent and early repayment charge of four per cent. Cate Hillis, Accord Mortgages'' Strategic Development Director said: "We believe this product offers a genuine alternative for those borrowers who would prefer to fix their monthly payment at a lower rate than would otherwise be available." The product could be a "genuine alternative" for many borrowers facing increasing food and utility bills and for those approaching the end of their current fixed-rate deal, she added. Meanwhile, Melanie Bien director of mortgage broker Savills Private Finance has told the Guardian that borrowers approaching the end of low-cost fixed-rate deals are increasingly thinking the "unthinkable" and opting to stay on their lenders standard variable rate so as not to incur large remortgage fees and high interest rates. Source: |
