Borrowers opt for variable deals

A record number of borrowers opted for variable mortgages in July, figures from Mortgages Direct show. In a month when market commentators were divided on whether the Bank of England would raise the base rate, nearly 30% of borrowers opted for variable mortgages in June compared with 26% in May.

Commercial illustration

Commercial First has launched an illustration facility that provides a one-page summary of costs and charges for the commercial mortgage contract being offered.