Go local for professional and expert advice
New figures have shown a welcome drop in the number of outstanding interest-only mortgages.
The Council of Mortgage Lenders (CML) said its latest research has shown that by the end of 2014 there were 2.4m outstanding home loans of this type.
It sounds a lot, but that figure is some 460,000 fewer than the previous year.
Interest-only deals mean borrowers pay the interest on the loan, then pay the capital when the mortgage term ends.
The drop is an encouraging sign that householders are slowly beginning to emerge from the recession with more money in their pockets.
About a quarter of the 460,000 had come to the end of their term, but others have seen borrowers moving on to “safer” deals.
It comes after the Citizens Advice warned earlier this month that 934,000 owners on interest-only deals did not have a plan for how to pay back the money at the end of their mortgage term.
With more property owners seeking to re-mortgage, money pressures easing and a competitive market for mortgage rates, it is prudent to make sure you get expert advice; whether it is for conveyancing or for surveys.
We recommend using a local firm with expert knowledge and a strong track record. Most local firms are friendly, professional, have a reputation to uphold and will strive to provide the best customer service.
At McAndrew Martin we always insist on the highest standards and a quality service along with a quick turnaround for clients who require a survey, especially as speed is of the essence in so many transactions these days.
We offer a range of surveys and property related surveys, with a personal and professional service.
Please contact use on 02392 697193 or [email protected] for an informal discussion or more details.
We’re also a long-standing member of the Portsmouth Property Association, which draws together nearly 150 reputable local businesses in the property sector.
There’s a feature in today’s Portsmouth News – in which you can see our logo proudly displayed – which is also available online at http://edition.pagesuite-professional.co.uk//launch.aspx?pbid=9b2cc8ba-6188-4b0b-baa2-5f02bd5bce1d
New figures have shown a welcome drop in the number of outstanding interest-only mortgages. The Council of Mortgage Lenders (CML)…