Borrowers 'set to shop around' for best rates

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More than half of borrowers whose mortgage deals are coming to an end will spend more time shopping around for the best new deal than they would have 12 months ago, it has been claimed.

Research conducted by the Nationwide Building Society has indicated that 53 per cent of borrowers are more interested in the rate they come to at the end of their deal, with 25 per cent expecting to pay standard variable rates (SVRs) offered by their lender for longer than they would previously.

According to Martyn Dyson, head of mortgages at Nationwide, consumers should "not just settle for the headline rate" and should consider "the overall combination of headline rate, fee and the lenders' SVR".

As of August 11th, SVRs were lowest at Nationwide at 6.49 per cent, with Halifax (seven per cent) Abbey (7.09 per cent) and Natwest (7.19 per cent) following.

Fixed rates on Nationwide's five-year remortgaging deals were also lowest at (5.98 per cent), followed by Halifax (6.29 per cent), Natwest (6.34 per cent) and Abbey (6.49 per cent).

Meanwhile, Nationwide has announced a 0.25 per cent cut in rates on its two, three and five-year fixed rate deals for consumers looking to remortgage, switch product or take a further advance.

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