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Interest rates: 1.5% cut may not reduce mortgage ratesThis is a discussion on Interest rates: 1.5% cut may not reduce mortgage rates within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; If you can afford to (and your lender allows it) it might be wise to keep repayments at your current ... |
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| Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. |
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11-06-2008, 12:16 PM
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Interest rates: 1.5% cut may not reduce mortgage rates
If you can afford to (and your lender allows it) it might be wise to keep repayments at your current level - that way you can pay off your bmortgage/b early or build up a buffer in case you want to take a repayment holiday later, b.../b
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