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Britons unaware of true cost of mortgage

More than three out of four Britons are unaware of the true cost of buying a home, according to a new survey from Virgin One.

Less than a quarter of respondents could estimate within £50,000 how much a £200,000 mortgage would cost to repay.

The survey asked homeowners if they were to buy their dream home with a £200,000 mortgage how much they would pay back in total. One in three thought they would pay no more than £250,000. In reality a repayment mortgage would cost a total of £393,946 and £509,997 on an interest only basis over 25 years.

Virgin One marketing director Scott Mowbray says: "Many banks and building societies are falling over each other to lend out as much money as possible to homeowners, yet they are clearly not spending as much effort in explaining how much it is going to cost to repay."


Pink gives 100 per cent effort

Pink Home Loans has introduced a 100 per cent mortgage that has a 1.5 per cent discount for the first year.The mortgage is available for loans of up to £150,000 and has a 1.5 per cent discount with a current payable rate of 5.25 per cent. Borrowers who pay this mortgage off during first three […]

Settling on a plan

I am 26 and have just started my first full-time job. I qualified from university three years ago and, after some world travel and a series of part-time positions, feel it is time to settle down. What should my financial priorities be? You should certainly continue to enjoy yourself. Most people in their mid-20s will […]

Clerical Medical hands out calculator

Clerical Medical is releasing a carry back, carry forward calculator in CD-Rom format to help IFAs highlight this last chance tax opportunity for their clients.From January 31 2002 it will not be possible to carry forward unused tax relief from previous years. Clerical says it received a massive number of requests for the calculator from […]

IFonline sets up single solution for lenders

Electronic trading platform IFonline is setting up a data management system which it claims will dramatically ease the compliance burden of lenders after mortgage regulation comes into force next year. It says the system, which is due to be launched in late October, is designed to give greater control to lenders which are concerned that […]


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