Borrowers look for borrowing flexibility
Oct 18, 2006
Borrowers are increasingly looking for flexibility when they are choosing loans and mortgages, a new study has found.
Specialist lender UCB Home Loans polled more than 1,400 mortgage intermediaries and found that 69 per cent reported an increase in the number of applicants requesting flexible features on their tracker mortgages in the past year.
The company's managing director said that flexible features allowed mortgage holders to underpay, overpay or take occasional payment holidays depending on their circumstances. The degree of flexibility was particularly useful to those with incomes that fluctuated on a month to month basis, such as landlords and the self-employed, he said.
Around 64 per cent of intermediaries also reported that tracker mortgages were at least as popular now as they were one year ago, while 71 per cent expected their popularity to remain the same over the coming year. The majority of intermediaries (76 per cent) thought that borrowers were choosing tracker mortgages as they did not expect the Bank of England's base rate to rise significantly over the next few years.
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