Money News
6th August 2008
Remortgagers unsure which deal to choose
Millions of Britons are confused over which mortgage deal to opt for in the face of uncertainty over interest rates, it has been discovered.
In a poll conducted by Abbey ahead of tomorrow's interest rate decision from the Bank of England, 41 per cent of remortgagers quizzed said they were 'unsure' which deal to opt for.
This compares with just 30 per cent who admitted to being confused last month.
Despite the uncertainty, however, it was revealed that two-year fixed rate mortgages remain the most popular, with 47 per cent choosing them for the security they provide.
Phil Cliff, director of Abbey Mortgages, commented: "The current uncertainty surrounding base rate decisions and the general uncertainties on the market at the moment are clearly feeding through into consumers' views on mortgages.
"However, in times of uncertainty, people want security and nearly half of all borrowers saying they'd choose to fix if they remortgaged tomorrow, most choosing a three-year deal."
The key base rate of interest currently stands at five per cent.
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