The moral maison

Article Abstract:

Those who wish to take ethical issues into account when selecting a mortgage should be aware that banks borrow and lend on the international money markets, while building societies do not. Building societies are almost completely absent from areas of business rejected by those who have high ethical standards. It is worth considering a mortgage from one of the ethically oriented mutuals, such as the Ecology Building Society. The morally most acceptable way to pay off a mortgage is the repayment method, where both interest and capital are repaid with a mutual lender.

United Kingdom, Financial management, Banking industry, Ethical aspects, Savings and loan associations

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The cost of cut-price mortgages

Article Abstract:

Many UK mortgage lenders offering discounted and fixed-rate products require the borrower to take out buildings, contents or accident, sickness and unemployment insurance as part of the mortgage package. These forms of insurance are not offered on a best advice basis, and lenders are therefore not obliged to find the cheapest possible cover. This means that premiums can be extremely high. Discounted and fixed-rate mortgages can also be the subject of redemption penalties.

Laws, regulations and rules, Product information, Mortgage banks

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Making a mortgage a flexible friend

Article Abstract:

It has become increasingly common in the UK for mortgage lenders to offer flexible products. These often offer discounts and cashbacks, which can account for up to 6% of the value of a conventional mortgage. However, it is important to be aware that there could be some drawbacks with flexible mortgages. In particular, most set a loan to value ratio of only 80% of value, compared with up to 100% for mortgages aimed at first-time buyers.

Analysis

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