This weekend’s financial press focused heavily on new record-low discount mortgages launched by high street lenders, with mortgage experts in the Telegraph, Mail and Times suggesting that it is yet another sign of increased competition in the market. Other lenders are predicted to follow suit with further rate cuts and eye-catching deals. The catch with the very lowest rates however is often the set up costs, which can make them unsuitable for smaller mortgages. It is important to work out the total cost of a deal incorporating these costs, rather than just looking at the headline rate.
Elsewhere the Mail on Sunday gave tips for self-employed and freelance workers trying to secure a mortgage, including using a broker to help target the right lenders with a more flexible underwriting approach.
Finally, the Sunday Times reported on the problems experienced by older borrowers as lenders fail to keep pace with changes to retirement ages, while the Independent on Sunday found that, despite an increase in the number of online estate agents, most people still prefer a high street presence and a face to face experience.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE