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Interest
Only Vs Fixed Rate MortgagesInterest only mortgage deals have declined
to 23% of all mortgages sold between July and September 2008 according
to a survey of more than 200 financial advisers conducted by Paragon
Mortgage. The comparable figure for the first quarter of 2008 was 26%,
which was down from the last quarter of 2007. The last time that
interest only mortgages fell before this quarter was in the first three
months of 2004.On the other hand
repayment mortgages have shown a rise following years of decline. They
made up 60% of mortgages sold in the third quarter. The proportion of
repayment mortgages has fallen steadily since they peaked during the
last three months of 2001 at 70%. The reason for borrowers choosing
fixed rate loan deals appears to be a perception that this type of long
term loan offers security.Read rest of article | | | | | | |  | |  |
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