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A good home for spare cash

Article Abstract:

There can be significant advantages associated with reducing the size of your mortgage loan. It is possible to use spare funds to cut the outstanding capital sum on your mortgage, by making payments in addition to your regular monthly payments. It is also possible to close the mortgage early, rather than changing the size of the monthly payments. Making an overpayment of 400 pounds sterling each year from 1997 onwards on a 25-year repayment mortgage of 70,000 pounds sterling would give a saving of 9,617 pounds sterling over the full term of the mortgage.

Author: Slade, Paul
Publisher: Financial Times Ltd.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
Management

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How the house market lost its Miras touch

Article Abstract:

The decision in 1988 by Nigel Lawson, then the UK's Chancellor, to make changes to the regulations governing mortgage interest relief at source (Miras) had a significant impact on the housing market. Lawson ruled that two unmarried purchasers buying a house together would no longer qualify individually for Miras. In future, Miras would apply only to the single property being purchased. With this regulation set to come into effect in Aug 1988, many people rushed to buy a house very quickly. This led to a dramatic rise in house prices.

Author: Slade, Paul
Publisher: Financial Times Ltd.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
Finance, House buying, Home buying

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New rules to protect borrowers

Article Abstract:

The UK mortgage industry responded to criticism from consumer organizations and to the threat of regulation being imposed by the government by launching a new Mortgage Code in spring 1997. This divides mortgage advice into three types, with advisers being obliged to inform clients which type of advice they are receiving. Advisers must give clear information on key details of any deal, including type of interest rate, repayment method and penalties. Changes have also been made to the complaints procedure for borrowers.

Author: Bonsignore, Tony
Publisher: Financial Times Ltd.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998

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Subjects list: Mortgages, Laws, regulations and rules
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