Good news for those seeking a mortgage comes from the Abbey National, where fees on their flexible mortgage products will be GBP1,000 lower than they were at just GBP1,499.
The Abbey National flexible mortgage deals allow customers to offset their savings against their mortgage, pay more than is required and also take holidays from paying for periods of time. The benefits of such mortgages are supreme flexibility and the chance to clear a mortgage in a much shorter time than a regular one, saving many thousands of pounds in the process by paying less interest.
Although the flexible mortgage deals offered by the Abbey are very good ones there are question marks over how many people are actually buying property at the moment, so there may be a bigger market for them with existing homeowners who are coming off a fixed rate deal.
A new range of Alliance and Leicester mortgage products has just been announced with flexibility built in to suit different customer needs.
There are different fixed term periods available, fee or no fee mortgages and also a base rate tracker. Some excellent rates are available, with a maximum loan of 75 percent of the property value enabling the Alliance and Leicester to offer these rates. One of the most popular mortgage options is expected to be the 2 year fixed rate with a 5.99 percent interest rate.
One of the Alliance and Leicester tracker mortgages that customers will find interesting is currently quoting a rate of 5.89 percent for the first 2 years, this is base rate plus 0.89 percent. After 2 years the tracker works at base plus 1.49 percent.
According the the Alliance and Leicester mortgage department there are around 3.25 million homeowners who would like to move house in the coming year.
This appears also to drive the move to home improvements, although that is also being pushed on by those who feel that they will be unable to move and so are improving their homes to make them better suited to their current requirements. The Alliance and Leicester found that around 20 percent of homeowners are making home improvements in order to make their property more attractive to buyers whilst half of them are doing it to avoid the issues associated with selling.
One the key areas people want to improve, said the Alliance and Leicester, is the number of bedrooms, always a key issue, especially with families. This is one of the biggest reasons for moving, especially as it can be very costly or totally impractical to add a bedroom to many properties.
