What the papers said about record breaking rates

The mortgage price war raged on this week, with more lenders slashing rates and others announcing further cuts to come.

Experts in the Times said that the current crop of ‘lowest ever’ rates are bound to be tempting, but borrowers are urged to consider the hefty arrangements fees that often come along with best buy mortgage deals. Homeowners should also consider whether these deals will be fixed or variable, and how that fits with their individual needs.

In other news the Guardian reported on the Financial Conducts Authority’s annual business plan, which this year will focus on areas including the treatment of the UK’s 1.8 million interest-only borrowers, and in particular the 600,000 whose loans are nearing maturity. The FCA estimates that around half of these homeowners are likely to be facing a shortfall.

Elsewhere, the Mail on Sunday took a look at the additional benefits that may be available alongside protection policies. These can include free cover for children, counselling and rehab services, and free cover to give borrowers peace of mind during the mortgage application period.

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