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Mortgage Lenders Desert Long Term Fixed Rate Mortgages

Housing-Market / Mortgages Jul 21, 2009 - 11:53 AM GMT

By: MoneyFacts

Housing-Market This week sees Manchester BS withdrawing its 30 year fixed rate mortgage, meaning that borrowers can no longer fix their mortgage repayments for more than 15 years.


In July 2007, Prime Minister Gordon Brown announced that longer term fixed rate mortgages would help to reduce the volatility in the housing market. Following this announcement a number of lenders moved to offer such deals, but now the market has disappeared.

Lenders offering 25 year deals:

July 2007

January 2008

January 2009

Today

Cheshire BS
Kent Reliance BS
Manchester BS

Cheshire BS
Halifax
Kent Reliance BS
Manchester BS
Nationwide BS
Norwich & Peterborough BS
The Co-operative Bank
Yorkshire BS

Manchester BS
Scarborough BS
The Co-operative Bank

No deals available

Source: Moneyfacts.co.uk 21.7.09

 

Moneyfacts.co.uk spokesperson Darren Cook commented:

“Raising the capital when interest rates are so low is difficult. Investor expect a higher rate of return than those currently being offered for terms of ten years plus, as the only way for base rate to go from here is up.

“With so little funds available, lenders are concentrating on their core business of shorter term deals.

“Britannia BS is the only lender to offer 15 year deals, but with rates starting at 6.49%, these are likely to be unattractive to many borrowers.

“Only nine lenders are offering ten year deals, with the majority of the market offering deals of no longer than five years.

“Long term deals may be unappealing to borrowers, particularly in an unsettled economic environment.

“Borrowers currently do not want to be tied in to long term deals and instead prefer stability in the short term, with have the freedom to make crucial changes afterwards.

“Providers and brokers alike prefer the frequent turnover of shorter term deals as they can ensure borrowers are on an appropriate deal for the market conditions.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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