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Borrowers opt for shorter term deals, says IF

Term reduction has become a key aspiration for mortgage holders, research by Intelligent Finance shows.

IF says almost three quarters of mortgage holders are wanting to reduce their mortgage term or increase their payments to reduce the balance over time.

It also found that nearly a third of people say paying off their mortgage or monthly mortgage repayment is their biggest financial concern.

The appetite for more flexibility is clearly strong, with almost half of all borrowers believing their current mortgage arrangements are restrictive.

One in five would welcome the ability to lower the amount on their regular mortgage payment.

IF says people seem to be looking at their mortgages holistically rather than being seduced by headline rates.

It found that six in 10 mortgage holders are fully aware of the total cost of their mortgage over its full term, almost double the amount from just 18 months ago.

Mark Parker, managing director of Intelligent Finance, says: We now have a new generation of mortgage holders who view their finances holistically and want more flexibility and the option to pay off their mortgage as soon as possible, rather than go on borrowing into old age.

“Offsetting delivers exactly this. Were putting mortgage holders firmly in the driving seat, right where they belong.


Rightmove sees 85% revenue growth

Rightmove has announced revenue growth of 85% from £18.2m to £33.6m in preliminary results for its first full year after flotation.Underlying pre-tax profits were up 101% from £8.8m to £17.7m.A final dividend was proposed of 3pence per share making 4.5pence for the full yearUse of its website was up more than 80% over 2005 and […]

BM Solutions launches buy-to-let products

BM Solutions has launched a range of products across its buy-to-let range.The rates include tracker and fixed products, across three levels of rental income cover. Leading the way is a two-year product, tracking the Bank of England base rate at plus 0.04 available at 110% rental income cover. Other products include a 5.39% fixed until […]

Freedom Lending makes underwriting appointments

Freedom Lending, the prime niche lending subsidiary of Merrill Lynch, has strengthened its underwriting and technical teams with four appointments:Neil Masey is a regional underwriting manager responsible for London, Essex and the South Coast. He was head of mortgage operations for Infinity Mortgages and was also an underwriting team manager with Preferred Mortgages.Geoff Atkinson is […]

Mortgage lending may have peaked

The Building Societies Association says that despite a record February, mortgage lending has reached a plateau and may not climb to new highs for several months.


Neptune video: UK economy: a sustainable recovery?

After years of a slowly brewing economic recovery, the UK has seen a strong rise in growth in recent months. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses the strength of this recovery and whether it is sustainable.

In the video, Martin addresses the following:

• Structural features supporting the UK economy
• UK mid-caps and the potential for M&A activity
• Valuations and opportunities in house builders


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