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Abbey: Good mortgages 'still available'

02 November 2005
Borrowers coming to the end of their mortgage deals should be thinking about remortgaging now while the good rates last, says Abbey.

The bank's mortgage advice comes ahead of the Monetary Policy Committee (MPC) meeting next week to decide on November's interest rate.

Financial experts are now predicting rates may not be cut as was initially expected, which would benefit savers but would not be such good news for borrowers.

Abbey predicts that borrowers could save almost £150 by remortgaging to a better deal.

"All borrowers coming to the end of a deal should look around for their next mortgage deal as soon as they can," said a spokesman for Abbey.

"Shopping around is crucial because rates and fees vary greatly between lenders and can change quickly," he added.

The Bank of England (BoE) revealed yesterday the housing market is picking up.

There were 107,000 mortgages approvals in the UK in October - the highest number for 15 months.

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