Show begins at the home loans' circus

Article Abstract:

There is currently very strong competition between mortgage lenders in the UK, and this means that some very attractive deals are available. It is worth looking closely at mortgages from traditional building societies, which claim that they can keep rates low because of their mutual status. Building societies which have abandoned mutual status and banks are being forced to find ways of attracting customers other than the conventional variable-interest rate. It is also worth considering mortgages from direct providers, which do not have the costs associated with maintaining a branch network.

Evaluation

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Home in on a flexible mortgage

Article Abstract:

The UK's mortgage lenders are beginning to realize that traditional 25-year mortgages with fixed monthly payments are no longer necessarily appropriate in a labour market where people are likely to change employer frequently and their income will probably fluctuate considerably. More than 20 leading mortgage lenders now offer flexible mortgage schemes, under which borrowers can raise and reduce the outstanding loan on their home as they require. There has also been a shift towards 'current account mortgages,' which aim to bring together all an individual's banking and borrowing needs.

Analysis

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A faster way to be rid of the burden

Article Abstract:

Mortgage lenders in the UK take varying approaches to calculating capital repayments on repayment mortgages. Most commonly, they will calculate the amount of capital to be repaid only on completion of a 12-month cycle, regardless of how much has been repaid in the meantime. However, some lenders allow repayments to be calculated on a monthly, fortnightly or even daily basis. Setting repayments more frequently against the capital owed allows the borrower to make considerable savings in interest.

Finance, Product information, Mortgage banks

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