A number of Abbey National mortgages have had their rates of interest reduced it was announced today, though the reductions are very modest.
All Abbey National tracker and flexible rate mortgages are seeing an interest rate cut of 0.05 percent, whilst some of the fixed rate mortgages are coming down by 0.17 percent. The ones seeing these bigger reductions are the safer options for the lender, namely seventy-five percent loan to value mortgages. This means the borrower had to put down a deposit of twenty-five percent. The five year fixed rate for this sort of Abbey National mortgage is therefore down from 5.92 percent to 5.75 percent.
An Abbey National mortgages spokesperson explained that the focus of the lender was to offer choice and value. To this end they have reduced rates on a variety of mortgages as the opportunity has arisen in order to deliver competitive products to their customers.
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After a review by the Alliance and Leicester they have found that over three quarters of mortgage brokers see their role as more advisory than ever before, feeling also that this will become even more so for the rest of the year.
The concensus of opinion from the brokers is that a lack of confidence in the housing market is the main reason for customers seeking advice. Alliance and Leicester mortgage customers are grateful for brokers advice on this and also views on the economy generally, the second key area where brokers are finding requesting for information and advice.
The director of Alliance and Leicester mortgages explained that choosing the right mortgage for the economic conditions is vitally important now so being able to ask the advice of experts is a great benefit for customers.
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According to the Abbey National falling house prices may be an interesting opportunity for some homeowners who can see the chance to get a bigger property at a smaller price.
The figures held by Abbey National indicate somewhere in the region of 2 million homeowners are considering a move as house prices drop. Around 1.2 million of these people are hoping to trade up to a larger house, feeling they will get a relative bargain.
As a spokesman for Abbey National Mortgages reaffirmed, a market where house prices are falling is not always bad news. It creates opportunities and bargains that some people can make the most of.
