Mortgage definitions misunderstood, financing study suggests by Finance News Bulletin

Published: 03/09/07

A new learn has revealed that many homebuyers are not aware of the lawful status of certain types of mortgageIn a survey of people looking to buy a possessions by AA Legal Services, it has been discovered that 20 per cent of UK adults did not know the meaning of a freehold mortgage, while 49 per cent could not explain a leasehold mortgageAmong first time buyers old between 18 and 24 existence old, meanwhile, 41 per cent could not outline the details of a leasehold mortgage while 43 per cent were unaware of the true meaning of a freehold house loan"Our investigate suggests that many homebuyers are so desperate to get onto the property ladder that they may be overlooking crucially important basic legal principles," remarked James Molloy, head of AA lawful Services

To assist homebuyers, the organisation went on to explain that with a freehold mortgage there is no time limit stipulating how long the applicant can hold the possessions, while there is a time restriction under a leasehold mortgage contractRecently, financial services provider Nationwide Building Society put first occasion buyers on alert after announcing that yearly UK house price inflation had risen 01 per cent in May 2007 to 103 per cent

New-build properties endorsed by planning friendship, mortgage applicants study - Tue, 05 Jun 2007Today's Most Popular Results Mortgage Enquiry Form Need Life cover ------ Mortgages - Information Mortgages - Home ------ Financial armed forces - HomeNone of the information on this website is future to promote any specific mortgage product or give mortgage advice Mortgagesco

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