Average Mortgage

A wise man once said that there is no such thing as average. He was right and wrong all at the same time. Nobody is completely average because everyone excels at something and that instead makes him or her unique. However, whilst there is no such thing as average in terms of an actual being, the mathematical averaging out of figures does make interesting reading when it comes to financial products and especially mortgages. The average mortgage would actually be a gruesome product and make terrible reading for some that is looking into the possibility of buying his or her own home.

The average mortgage has an interest rate of over 6% attached to it as well as one major fee – the early redemption charges, which can be your outstanding balance plus as much as 25% of your remaining total. It is also around £160,000 in total over a 16 year period. Of course, the borrowing amount and the term of the loan is completely up to you, but just imagine how much you would save on an interest rate of 5% or less and no early redemption fees!

Unfortunately, there are many products like the average mortgage illustrated above on the market place today and many of them are a waste of time and effort. Some people just settle for the first mortgage they find or do not intend to compare all of the products for whatever reason A quick scout around the market, whether by yourself or talking to your property lawyer or mortgage adviser, you could potentially get a much better deal and enjoy more stable finances as a direct result. Do not settle for the average, just choose the best!