Accord ten-year fixed-rate offset mortgage 'will appeal to many people'

Date:Thursday 3rd June 2010
Author: Susanna Kavka

A John Charcol mortgage expert has claimed that many homeowners will find the Accord ten-year fixed-rate offset mortgage attractive due to the economic uncertainty currently present.

Ray Boulger, a representative from John Charcol, noted the product in question is the only offset mortgage available for a term longer than five years and suggested it will be a welcome addition to the market.

He highlighted the 5.54 per cent interest rate as being attractive to people currently, since the future is so uncertain in many individuals' eyes.

"Although the demand for ten-year fixed-rates has always been small, there is such a dearth of choice in fixed-rates for this term that Accord has certainly filled a gap that needed filling," remarked Mr Boulger.

This week, Barclays revealed that it has been ten years since Woolwich offered the first offset mortgage in the UK and suggested many homeowners have saved money by signing up to such products.