Thursday, February 14, 2008

Repay extra to own your home earlier

While interest rates on home mortgages continues to rise, it is good to know somewhere else is borrowers are actually paying less as of recently because of the cut in interest rates from The Bank of England. Nevertheless, one expert has advised borrowers who switched to interest only mortgage should look into reverting back to capital repayment, or even paying extra to cut down the time and money owed. It is possible to own their homes outright much earlier by a few years if they opt to pay even just £30 on top of their monthly capital repayment.

Bizarre it may sound with the rise in cost for almost everything, houses are still being snapped up rapidly. New buyers should be wary on the loans offered by various financial institutions. First Time Buyer Mortgage should be compared and studied in a tedious manner before deciding on this big step.

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