Do borrowers understand cost of mortgages?
Lenders have significantly increased the number of short-term mortgage deals on offer, while long-term mortgage deals have also increased from last year, new research has revealed.
The findings from Moneyfacts also revealed that there are 410 two-year deals, compared to just 257 a year ago.
However, commenting on the findings, Helen Adams, managing director of FirstrungNow.com, said that while short-term mortgage deals can help first-time buyers to get onto the property ladder, there were fees associated with their loan which would go up at the end of the mortgage period.
"Typically, a deal which lowers your mortgage costs at the beginning of the term can help you in the first couple of years but you should always be aware that those costs will go up at the end of the period," she added.
Such comments may convince Britons that property to rent in Eltham or elsewhere in London is a more affordable option than taking on a mortgage.
Ms Adams went on to assert that first-time buyers should work with mortgage advisors, who could help to explain all of the fees they will encounter to them.
Written by Charles Mackay
Published 2nd December, 2009
© 2009 Estates IT Limited
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Borrowers need to ensure that they understand all of the costs which are associated with mortgages, it has been asserted.