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MSE News: Fixed mortgage rates fall
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The cost of fixed-rate homeloans fell during December as competition in the market began to increase ..."
"The cost of fixed-rate homeloans fell during December as competition in the market began to increase ..."
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Comments
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Still doesn't help First time Buyers get onto the market......:(What's yours is mine and what's mine is mine..0
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What has happened to the fees charged in the same timescale?
A drop of 0.04% would be £5 a month on a £150k mortgage. Worth having, but would be dwarfed by even a small change in set-up fee.0 -
How come tracker rates going up (by the same tiny amount) only gets a footnote?
I wouldn't like to think you're ramping.0 -
I have found that the general rule of thumb with MSE is that fixed rate products (mortgages, utilities, etc) are good ideas.How come tracker rates going up (by the same tiny amount) only gets a footnote?
I believe that this is because they eliminate the risk of rising prices (putting people into a position where they can no longer afford things) and allow decent budgetting (a fundamental part of MSE).
Therefore what has happened to fixed rates is much more newsworthy here than what has happened to trackers.0 -
Pretty much a non-event.
Overall they might have fallen, ie: those which were waaay over the others have dropped, but the lower rates have gone up as well AND nearly all of the low rate fixed have had their arrangement fees go crazy insane.
Using the FSA comparision tool, for a low rate 3year fix, most have fees of £999 and there are some which are much more than that. I'm sure last time I checked one had a £2000+ arrangement fee!!
I've had a couple of extensions on a product which still lists the same interest rate but the fee for it has now doubled.
Arrangement fees are the hidden con job in any mortgage application.
IMHO they should be considered to be a cost of doing business to the provider, not a top up fee as they currently seem to be. Are you listening FSA?0
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