The one penny mortgage
Thanks to falling interest rates, one Middlesex couple hit the headlines today as it was revealed that their mortgage is now charging only a nominal rate of 0.001 per cent interest.
The couple chose a variable rate and admit they very nearly didn’t go for it; it was only thanks to a mortgage advisor that they did at the last minute.
Their mortgage is with the Cheltenham & Gloucester, part of the Lloyds TSB group. Ben and Nicola Cameron said:
“We look at our mortgage statements now and they look ridiculous. It’s fantastic. We feel incredibly lucky.”
The Camerons and many other people who took out variable rate mortgages at just the right time got a very good financial deal and will be saving themselves thousands in interest.
Posted on March 24, 2009
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