The Independent reported this weekend on the increasing number of lenders offering interest only mortgages again, a figure which has doubled over the last 2 years. While the criteria has eased however, experts warned that there are still restrictions in place. With some lenders capping the maximum allowed on an interest only basis to 50% of the property value, it remains an option limited to those with large amounts of equity.
The Independent on Sunday provided tips for friends clubbing together to get onto the property ladder, including researching which lenders will accept multiple buyers, and looking at the household budget to ensure the mortgage and bills are affordable for each person.
Elsewhere the Times revealed that the Bank of England’s cap of 4.5 times income, coupled with a rise in property prices, has made home ownership an almost unaffordable prospect for the average worker trying to save for a deposit.
The Mail on Sunday meanwhile highlighted the importance of Critical Illness cover, following a recent survey suggesting that only 11% of families have this type of cover.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE