Warning issued over headline mortgage rates

Christopher Dean from the Council of Mortgage Lenders (CML) insists that while introductory offers can be beneficial in the short term, homeowners can often have more pressure on their finances in years to come.

“What [homebuyers] really need to do is keep their eye out for the products that will suit them and weigh up all the costs and perhaps not look at just the introductory rate but look at how the product will affect them…over three, five, ten years,” he Mr Dean.

And Mr Dean’s comments come in the wake of a CML warning that millions of homeowners could be facing debt management woes as their fixed-rate arrangements expire.

Furthermore, figures from the CML recently demonstrated that affordability constraints are more significant now for the UK’s first-time homebuyers than they have been for the past 15 years.