According to a recent report consumers confidence in variable rate mortgage products is on the increase in the UK, following a substantial period of consumers tending to shy away from variable rate products, preferring instead to opt for more stable, yet more expensive, fixed rate deals. The series of five interest rate hikes between August 2006 and July 2007 resulted in many homeowners trying to remortgage to fixed rate deals in order to try and avoid the effects of further interest rate rises, as well as resulting in first time buyers opting for fixed rates to avoid the pitfalls of rising repayments during the first few years of mortgage repayments.
However, since July of this year the Bank of England has kept interest rates firmly on hold at 5.75%, making it latest announcement to keep rates stable just last week. It is thought that part of the reason for the bank’s decision to keep rates on hold is the possible of effects of the global credit crunch upon the UK’s economy, resulting in the Bank of England taking a wait and see stance. Another reason for keeping rates on hold for the moment, state experts, is that CPI inflation is now within the...
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