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Promising Mortgage Signs

Written By On 17/07/2013

The Post Office have conducted research to determine the age expected when most home owners in the United Kingdom would have finally paid off the mortgage amount that they had borrowed and be cleared from the debt.

They said that more than one in three will be at least sixty years of age with many of them being at least seventy years old.

They report that this was a large increase compared to the last generation whose average age was about fifteen years lower. They feel that this is largely due to the increase in property figures as larger deposits are needed. This means that people need to save longer to accumulate the initial costs in order to be able to acquire their first property.

Other factors that have helped contribute to these results are student fees which have increased significantly, plus the growing number of divorces in this country.

There are many encouraging signs more recently though, mostly owing to George Osborne's flagship Funding for Lending scheme. The chancellor introduced the FLS to encourage banks and lenders to grant loans easier. This in turn has helped bring down mortgage rates all over Britain.

Mortgages are now easier to get hold of with more lenders expecting to follow suit in the very near future. There are a much greater variety of deals on offer than there were a little while ago, including many fixed five year mortgages below the four per cent interest rate mark.

Some of the best mortgage deals can be found presently from the Chelsea Building Society, the Skipton Building Society, the Norwich & Peterborough Building Society, Barclays and Nat West Banks. Even the Post Office have some loan deals on offer that compare very favourably, available at the moment.