Mortgage Comparison

It seems that there are more and more comparison sites springing up on the Net. It’s a great medium for that sort of business, as one can now automate comparison across different services as more and more companies push their offerings online and provide APIs to them. I came across Money Magic today while looking up some mortgage information and I wanted to bookmark them for the future. They offer all sorts of information about mortgages, lenders and guides to different products. They can also come up with a number of quotes from different companies and this service is free.

One thing I learnt today is that there are instruments called 125% Mortgages. These are usually made up of a 95% mortgage on property together with a 30% unsecured loan. This is particularly useful for people who have trouble getting a deposit together, or if you’re planning to do some work on the property after you buy it. Must keep that in mind next time we’re looking at property!

That reminds me. I need to get in touch with my mortgage company. They offered me a better rate a few months ago, but it doesn’t seem to have kicked in!

One comment

  1. These 100% plus mortgage loans are the cause of the current “mortgage meltdown” in the US. Who can’t buy a house with a loan that covers all of your initial expenses including the down payment.

    Unfortunately, buying a house with 25% more money in the loan than the house costs is a great way to end up stuck with a house that cost 25% more than it will sell for if something should happen.

    Banks and mortgage lenders do not offer these type of loans for YOUR benefit.

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