Firstrung: Mortgage proportion figures misleading
Brits may not be as well off moving home as it would appear, according to claims by Firstrung.
The firm hit out at figures from the Council of Mortgage Lenders (CML), which suggested that those who moved house in May would have seen their mortgage interest payments account for the lowest proportion of their income in 35 years.
It said that these statistics could be construed as misleading as they do not tell the whole story.
Chief executive officer Paul Holmes explained that the data focuses only on the interest side of the home loan and does not give a true representation of the state of the housing market.
"Simply to clumsily attach the interest-only element to an interest-only mortgage is inaccurate on the part of the CML," he said.
Mr Holmes added that the key factor in a mortgage is not necessarily the interest, but how it will be paid off at the end of its term.
Those who would rather improve than move could opt for a new bespoke conservatory or kitchen extension.
Posted by David Waxman
Advice on improving bathrooms
Brits who are in the process of renovating their home may be interested in the latest advice from Essential Kitchen Bathroom Bedroom Magazine (EKBB).Homeowners have a number of options when upgrading their property, with everything...
Brochure
Would you like some more information on our conservatories? Order a copy of our brochure online today or call
Gallery
View either our residential gallery or our commercial gallery or view a number of our conservatory case studies.
