Could flats to rent become popular after mortgage redemption tax news?
More people could be encouraged to look at flats to rent in London when they see the latest figures from HSBC regarding mortgage redemption charges.
The financial provider has revealed there can be significant differences between the rates offered by lenders in the UK.
While HSBC had a total redemption charge of £1,500, this was far lower than Nationwide's rate of £7,590.
Similarly, Britannia charged £1,625, while Post Office customers had to pay £7,500.
Martijn van der Heijden, head of mortgages at HSBC, said: "It is essential that borrowers check behind headline rates for high exit and redemption fees."
This news could encourage Brits to consider renting instead of buying a property if they do not want to be hit with expected costs.
At the end of last month, the Bank of England revealed 47,643 mortgages were approved in June, a decline from May's figure of 49,461.
This is also lower than the six month average of 50,036.
Posted by Andy Britten
Published 5th August, 2010
© 2010 Estates IT Limited
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HSBC has revealed mortgage providers have varying early redemption charges.