The current climate of lower-than-ever interest rates is enabling mortgage holders to cut their mortgage by pouring additional funding into their mortgage repayments, according to new data just released by the Co-Operative Bank.
With additional funds in their pockets, 56% more of the the Co-Op’s customers are taking advantage of mortgage overpayment than this time last year.
Banks are loosening up again on mortgage lending for first time buyers on the high street, according to new figures just released.
The British Banker’s Association (BBA), which monitors the mortgage lending activity of all the main high street banks, has revealed that latest mortgage lending statistics for October show that the number of new mortgages approved almost doubled compared to the (admittedly stagnant) levels of the previous-year period.
When comparing mortgage deals, the mortgage charges and pitfalls that go with buying or securing a mortgage can catch out the unwary borrower.
Here are some of the main mortgage charges that may be involved.
In approving a mortgage offer to a homebuyer these days, lenders decide the amount of finance on offer based on a number of factors. One of the most crucial is the mortgage lender’s view of how much the applicants can comfortably afford to repay. This assessment in turn reveals the ‘affordability’ of the mortgage repayment that the applicant has asked for. If [...]
