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Summary:
There are some new lower rate “lifetime” home loans coming onto ( home insurance ) the market. How do they fare against the even lower rate “shop around” options?
Author: Dot Piper
There are some new types of home loans coming onto the market which
are being advertised at present. Several of the mortgage companies are offering variation of them and they are being marketed as “lifetime” loans. So might this be the end of the short-term mortgage? Not necessarily so, it appears that there are still bargains out there for those prepared to shop around.
Mortgage brokers usually advise discounted short term mortgages and ( remortgages ) advise clients to regularly shop around after the two year discount has come to an end to obtain an even better deal. These clients are known to the insurers as “rate tarts”. But who can blame them for obtaining the best possible deal, especially ( cheap life insurance ) as the broker does all the work for them, making the whole procedure painless and trouble free.
First of all, if you need to borrow over £150,000 the above advice is still ( loans ) without a doubt the very best and asking your broker to shop around for discounted rates is, in our opinion, essential.
For borrowers of less than £150,000, some of these new mortgages appearing on the market initially sound tempting. They are classed as low-rate “lifetime” loans. ( unsecured loans ) Abbey and Woolwich are two of the building societies offering flat-rate low cost home loans, amongst others.
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