Could flats to rent be an alternative to taking out a mortgage?
People who do not like the thought of a large financial commitment may want to consider flats to rent in the London borough of Merton.
This is because buying a property and taking out a mortgage is one of the biggest transactions individuals are likely to make in their lives, an expert has explained.
Darren Cook, head of press and public relations at Moneyfacts.co.uk, said people need to do their research and work out how much the loan is actually going to cost them.
He pointed out that there are extra fees on top of mortgage rates to take into consideration.
This comes after research conducted by moneysupermarket.com revealed headline rates can sometimes be misleading and borrowers may end up paying as much as £3,000 more on their loan than they expect to.
"It is not like going into the supermarket and buying a bag of sugar - it is a massive transaction and you have to find the mortgage that suits your own purpose," Mr Cook said.
Posted by Andy Britten
Published 28th September, 2010
© 2010 Estates IT Limited
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One expert has reminded people how big a commitment taking out a mortgage can be.