Why It Repays to Pick a Loan for the Future ; Nine Out of Ten New Borrowers Now Turn to Repayment Mortgages and Watch Their Debts Dwindle Over Time
Mail on Sunday › February 03, 2004
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Summary
Repayment mortgages have come back into fashion with a vengeance. A decade ago, when endowments were still all the rage, just two in ten borrowers picked a traditional repayment mortgage. Today, more than eight in ten go for the traditional choice, and among first- time buyers repayments are even more popular.
The Council of Mortgage Lenders says 90 per cent of new borrowers now pick old faithful repayment mortgages. So why are they so popular?See the full content of this document
Extract
Why It Repays to Pick a Loan for the Future ; Nine Out of Ten New Borrowers Now Turn to Repayment Mortgages and Watch Their Debts Dwindle Over Time
HOW REPAYMENT MORTGAGES
WORK With a repayment mortgage you pay interest on your debt and a slice of the capital you owe each month so that after a set time, normally 25 years, your loan has been reduced to zero.The amount of capital repaid each month starts off small, but builds ...See the full content of this document
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