Fixed rates took centre stage again in this weekend’s financial press, with the Guardian, Independent and the Telegraph all urging borrowers to make the switch now while there are still some competitive deals available. All of the major lenders have increased their rates over the last week, and with limited funding available any new deals are not likely to be around for long.
The Sunday Telegraph expanded on this theme and carried a large article with advice on making the most of a changing economic climate, with experts again recommending a fixed rate, or for those with little equity – sticking with a Standard Variable Rate and overpaying while rates are low.
The subject of Negative Equity also made an appearance, with the Independent on Sunday taking a positive look at the ways a borrower can increase their equity – from overpaying to renting out a room in order to generate more income. The Sunday Times revealed that some major lenders are offering better deals to customers with negative equity than they are to new customers, in an apparent bid to keep arrears and repossessions under control.
Elsewhere the Times looked at the problems faced by borrowers trying to remortgage, including the current trend for ‘desktop’ valuations which do not account for important aspects of a property such as home improvements, and location. Increasing rates and strict affordability criteria were also mentioned.
In Savings news, the Financial Times and Daily Express both reported on the launch of more market leading savings deals, while the Observer investigated the role of financial advisers in anticipation of an FSA review which hopes to bring about a change in the availability and cost of financial advice.
