20 Feb

Uncertain economic climate 'leaves homeowners in limbo'

Uncertain economic climate 'leaves homeowners in limbo'

The uncertainty surrounding the UK economy leaves homeowners with a "dilemma on their hands" about which mortgage product to choose, according to head of Abbey Mortgages Nici Audhlam-Gardiner.

Research from the company suggests close to two-thirds of the homeowning population in Britain would encounter difficulties when choosing a mortgage if they decided to remortgage tomorrow.

It appears from the study that not knowing when or how much the interest rate is going to drop in the coming months has left consumers "in a quandary".

Emphasising this point, Ms Audhlam-Gardiner states: "Depending on who you talk to, there are different outlooks for the UK economy and for Bank of England base rates."

She adds that most economists agree rates will go down in the future, but there is debate about the level of the reduction.

Interest rates last came down at the start of this month and now stand at 5.25 per cent.
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