You have to look at how competitive these loans are. People who walk into branches will be sold them but would be much better off getting a 100 per cent loan with no higher lending charge. The cost of borrowing that extra percentage is huge.
More Quotes from Ray Boulger:
Buyers will not be looking to pay off both mortgages at the same time, so using an interest only loan is much more likely.Ray Boulger
The most important requirement is to have enough income to support both mortgages. The decision then is whether to raise all your money on the main residence, or to split it.
Ray Boulger
Post-Christmas economic statistics have been inconclusive, with those from the retail and manufacturing sectors on the negative side, while house prices are showing signs of improvement. Therefore, despite earlier hopes of a cut this time, a no-change decision was widely expected. However, we firmly believe the trend is still downwards and therefore this is a cut 'deferred', not a change of heart.
Ray Boulger
The interest rate differential between the best offset and best standard mortgages has been consistently narrowing. It now stands at between 0.2 and 0.25 per cent.
Ray Boulger
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