The financial press reported this weekend on the continuing run of rate cuts, which have also now extended to mortgages available up to 90% Loan-to-Value. Despite hitting all time lows however, the Financial Times revealed recent figures which show a drop in remortgage activity. Experts felt that this could be due to borrowers holding out for further cuts, or feeling put off by tougher lending criteria.
The Times highlighted the increasing number of highly competitive 10-year fixed rates now available on the market. Once considered a product to be wary of due to the lengthy tie-in period, brokers suggested that these deals are unlikely to be beaten over the next 10 years, hence the increase in their popularity.
Elsewhere, the Sunday Times looked at the benefits of overpaying on the mortgage as an alternative for those currently earning very little on their savings, while mortgage brokers in the Sunday Express criticised lenders for refusing credit-worthy applicants based on their age.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE