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Look around for a better UK mortgage

Date: Thu, 08 Sep 2005

Mortgages which offer borrowers a discounted rate could help produce the greatest annual savings.

A study commissioned by Your Move suggests that many homeowners could profit by considering moving from a fixed rate mortgage to one that has a good discounted offer – in some cases people could save up to £100 on their repayments.

However, consumers are still being advised that even though discounted rates tend to give better value in the long term, they should be wary of higher rates once the initial offer period ends.

Remortgage analyst at Your Move, Jon Round, said: "Borrowers are still preferring fixed rate deals, not least because these fixed rates are likely to rise over the next few weeks due to increasing concerns about inflation which are threatening to scupper further base rate reductions.

"It may thus still be wise to choose fixed rates despite the immediate savings on discounted variable rates being higher."


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