9 June 2011
Saffron Building Society comments on base rate decision
Following today's decision to hold base rate at 0.5%, new research* from Saffron Building Society, the regional building society serving East Anglia, shows that almost a third of Britons (29%) would fix their mortgage if they were taking out a new mortgage today because they feel rates will rise soon.
Andy Golding, chief executive of Saffron Building Society, said: "The decision to keep base rate at 0.5% for another month comes as no surprise. However, the uncertainty around just when rates will rise again could leave some borrowers confused as to whether to take a fixed rate mortgage or stay on their lenders' standard variable rate. Our research shows that over half (53%) just don't know what to do about their mortgage options.
"In the current environment, consumers are recognising how important it is they get the right mortgage. There will be lots of debate over whether a fixed or variable rate mortgage is the best option, but the most important thing is that borrowers find the right mortgage to suit their circumstances both at this point and in the future."
To help mortgage borrowers Saffron Building Society is providing help for those who are daunted by the cost of remortgaging by offering its remortgage products with no arrangement, application, valuation or legal fees**.
This offer is available immediately to new and existing customers in Saffron's branch catchment areas. The remortgages must be arranged direct and include Saffron's range of Tracker, Fixed Rate and Discount mortgages. Further details can be found at www.saffronbs.co.uk/mortgages/fee-free-mortgages.
*Opinium Research study of 2,051 UK adults (aged 18+) between 20 and 23 May 2011
**Fee free is: No arrangement fee and application fee. No standard valuation fee, as required by us to process your mortgage application and only up to £500, we will only cover the cost of one valuation. No legal fees if you use our panel solicitor. If any additional legal work is required, not usually associated with a remortgage, you will be responsible for the cost and will be advised by our solicitor.
Early repayment charges may apply.
Your existing lender may levy a charge for switching.
Only available for remortgages in Saffron Building Society branch catchment area and existing mortgage customers.
These are limited offers and Saffron Building Society reserves the right to withdraw product offers. Full product details can be found at www.saffronbs.co.uk
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