Why so many zero interest mortgages? How do they work?
The financial world contnues to reach new depths and wonders. You can view this video directly on Youtube here reliable man with van East Kilbride It was uploaded recently from East Kilbride by JAX Johnson Channel
Ever since the credit crunch of 2007/2008 when banks such as northern rock and RBS fell apart interest rates have come down. Some are even at record lows. A personal mortgage right now can cost you around 2 to 3% interest and that is very common these days. Some banks even go as far as giving interest-free mortgage loans. Now if you can afford rent they say you can afford the mortgage as well because usually people that have houses always charge rent higher than mortgage payments so they can make a monthly profit. So just because you can afford rent you're basically paying cash to a certain amount. The cash, were you to be on an interest-free mortgage you will be basically paying off your mortgage on a cash basis. For example if you buy a house worth £100,000 and the monthly payment of 1000 pounds that means you are paying the capital only without paying any interest. Of course if you can get the 0% interest mortgage you can effectively afford higher value of house than you would normally get for your usual income. For example the rate was 3% or 4% of interest so we can go out there looking for a house. If you are looking to move try to get a 0% interest rate mortgage so you can get the best house you can have because banks are not stupid you know. They are smart they were looking to that rate to stay. Most mortgages are 25 to 30 year long mortgages so try to get the rates for as long as you can
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