Wednesday 28th March 2007
Moneysupermarket.com has issued a cautious response to Nationwide Building Societys new 25-year fixed-rate mortgage.
The price comparison website has noted that although interesting, the product may present risks because of the level of commitment that buyers will be required to give to one particular lender.
However, clients are able to release themselves from the mortgage after a period of ten years, without the risk of incurring an early redemption charge.
"Unless you have a crystal ball to foresee your own situation and future interest rates, it is ludicrous to allow yourself to be tied into a contract for this length of time," said Louise Cuming, head of mortgages at moneysupermarket.com.
The mortgage attracts an interest rate from 5.49 per cent and overpayments of up to £500 every month are permitted.
Moneysupermarket.com offers comparisons on a number of products, including insurance and mobile phones.
©
Request FREE brochures from leading Real Estate Agents on properties abroad.
Enter your details once and we'll search over 15 online insurers.
Compare the Buy to Let Mortgage market with one simple quote form.
Powered by The Money Centre
Read the Know Your Money First Time Buyer guide to help you make the right choice for your new home.
Speak to an FSA regulated impartial mortgage advisor to discuss your mortgage options.
Read the Know Your Money Buy to Let guide to help you make the right choice for your new investment.
