With interest rates at rock bottom the only way is up, and the Daily Mirror today looked at what homeowners can do to minimise the pain of paying a higher rate now in order to save in the long term. Several lenders allow borrowers to split their mortgage between a fixed and variable rate for example, and others are offering competitive deals to help homeowners make that difficult decision. Barclays have recently launched a range of ‘Great Escape’ mortgages, which have no set up costs and £300 cashback to help towards exit fees that must be paid to the existing lender. Both the Daily Mail and the Daily Express reported on the recent news that Halifax has become the latest lender to increase its Standard Variable Rate for new customers, blaming funding difficulties. The average SVR now stands at 4.75% and, with experts predicting that rates may start to rise next year, borrowers are urged to take advantage of a competitive market and remortgage to a good fixed rate now.
What the papers say - 1st December 2010