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Homeowners 'may struggle to secure another cheap mortgage deal'

By Jonathan Dawes, Tue 1 Jul 2008 - Published in Mortgages

Some £30 billion worth of fixed-rate mortgage deals are due to finish this month, according to moneysupermarket.com.

A survey by the website found that 51 per cent of homeowners whose loan arrangements end soon have not yet started looking for a new one.

The poll revealed that one in six has found a new offer but that higher monthly repayments mean they are concerned they will struggle to meet the repayments.

A further 18 per cent say they have encountered problems finding a deal they can afford or one they are eligible for

Louise Cumming from moneysupermarket.com said: "Banks are cherry-picking customers, leaving many people unable to find affordable deals to service mortgages taken out in better times, when they were plentiful and easy to get hold of."

She added homeowners should not bury their heads in the sand and should start looking for new loans at least three months before their current agreement comes to an end.

Meanwhile, Nationwide reported today that house prices in June fell 0.9 per cent, less than half the rate witnessed in May.