With rates so high and budgets stretched, an increasing number of families are considering a part and part mortgage, experts say
With mortgage rates at high levels, many households are looking for ways to cut their monthly bills.
One method, which mortgage brokers say more borrowers are asking about, is sometimes known as “mortgage splitting”.
It involves taking out one home loan, but in multiple parts.
In the most common form, one section of the mortgage is a repayment deal, where you pay down interest and the capital you owe.
But the second part is interest-only. The borrower does not repay the capital at all.
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Two major high street banks have today cut mortgage rates, in what brokers are hailing as a 'significant shift'.
About 20% of borrowers have mortgages with a rate over 6%.
Sub-4% mortgages have met a rapid demise as the Middle East crisis causes global economic uncertainty
