Rat and Mouse
Fri
10
Oct
From the crunch... Iceland, for sale on ebay

Despite Government money and a big interest rate cut, the number of available mortgage deals continues to shrink, to 3,281, according to Moneyfacts.co.uk, it's lowest figure since credit crunched. And according to Chase de Vere Mortgage Management's Aaron Strutt, quoted in a BBC news piece, borrowers approaching the end of their current deals might want to check the small print pretty carefully.

Some borrowers... are finding their repayments rising with an interest rate of as much as 10%. This was because some deals, rather than reverting to the SVR, instead go to a margin above Libor - the rate at which banks lend to each other.

Holy Moses. But even in these difficult times, there are some bargains to be found. How about a Northern European country, for sale on ebay, with a 99p start price and no reserve.

20081010Iceland

That's it from us for the week. Have a great weekend.

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Comments

Well I can't see how sale on e-bay can be compared to mortgage rates. What we probably need to realise that mortgages are quite a serious commitment and we need to budget or try to budget for an interest rate increase. It is important that people seek professional advice when they feel that mortgage payments are getting out of hand.

Posted by Tom at March 4, 2009 11:46 PM


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