There was support in this weekend’s financial press for Labour’s plan to turn Northern Rock back into a building society if they win the election, with the Telegraph and Independent on Sunday looking at the benefits of the mutual in terms of both the products and service they offer. Some of the most competitive rates are offered by building societies such as Hanley Economic and Nationwide, although experts pointed out that this is not always the case. In further election news, the Independent on Sunday again looked at the impact a new Government could have on a borrower’s decision over what mortgage to take. The implications for the economy are unclear, and there are a number of different options available to homeowners - including taking a penalty free tracker, opting for a fixed rate now, or taking a tracker deal with the option to fix at a later date - but experts advised borrowers to make their choice based on their individual circumstances rather than trying to predict the future. Elsewhere there was a look at the benefits and drawbacks of overpaying on the mortgage while interest rates remain low, and the Sunday Times reported that lenders including Lloyds Group, RBS Private Banking and Barclays have improved rates and flexibility on their larger loans.
What the papers say- 17th and 18th April 2010