The Sun’s James Flanders explains how to find the best deal on your mortgage
WORRIED about funding their retirement, Anna Wallace and Graham Reagan were rattling around a four-bed house before downsizing and saving £1,200 a month on their mortgage.We investigate the pros and cons of moving to a smaller, cheaper property — and how barriers are stalling the housing marketMore than 460,000 homeowners are expected to downsize this year, according to estate agents Hamptons.
Others face paying a mortgage into retirement that will put their finances under strain. Downsizing allows them to repay or reduce the debt early.He added: “A lot of downsizers were on mortgage rates of sub two per cent. When their deals come to an end and they have to pay between four and five per cent it’s making people think twice about that cost.”Estate agents can charge between one and 1.
“We were wandering about in a four-bedroom Georgian terrace thinking we need to think about moving somewhere smaller,” said Anna, 55, a celebrant and education adviser.But the couple, from Malton, North Yorks, assumed they would be turned down for the mortgage they needed to move.The couple had been paying £1,986 a month on their mortgage lender’s variable rate after their fixed rate ended 18 months ago.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Electrician working 150 miles away got involved in riotsDeclan Dixon was said to have been 'curious', but hurled a brick at police
Read more »
Stoughton parents outraged after 150 students are left without transportationParents in Stoughton, Massachusetts, are scrambling just weeks ahead of the first day of school after the district cut a school bus.
Read more »
MCG to host one-off Australia vs England match to mark 150 years of Test cricketEngland will face old rivals Australia in a one-off match to commemorate the 150th anniversary of the sport's first Test match, contested by the two sides in 1877.
Read more »
John Tyndall: How a lecture in Belfast 150 years ago supercharged the modern debate on consciousnessOn 19 August 1874, the Irish physicist John Tyndall—now better known as the co-founder of climate science—spoke to 2,000 people for nearly two hours in Belfast's Ulster Hall. What he said generated one of the most intense controversies about science and religion in the modern period. The aftermath is still felt today.
Read more »
More than 150 people expected to take on Coracle World ChampionshipsAt least 160 people are expected to splash into the River Severn in Shrewsbury next month in an attempt to claim the coveted Coracle World Championships title.
Read more »
From science fiction to telemedicine: The surprising 150-year history of long-range medical treatmentIn 1874, a surgeon in South Australia telegraphed wound care instructions for a patient 2,000 kilometers away. A few years later, in 1879, a letter in The Lancet medical journal suggested physicians use the telephone to cut down on unnecessary patient visits.
Read more »