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Let's get That 25 Year Loan, My Darling!

The Chancellor of the Exchequer, Mr Alistair Darling recently announced that he was pushing for home loans that were fixed for a period of 25 years, in a bid to create an atmosphere of security in the homebuyers’ minds. In his words, "For many households, particularly those on low incomes, fixing the level of mortgage repayments for several years makes real sense," and this method could make home loans more affordable to a wider section of future home owners.

However, many feel that this step does not make any sense and argue that 25 years is too long a time for anyone to hold on to their house and question the length of taking such a loan where children might end up paying for their parents 'sins'. So if a homeowner wants to upgrade to a larger home, he or she will have to go to the same borrower and get the additional money at the going rate at the time of the fresh loan and that could mean that the homeowner has no say in any future upgrades. So, although the 25-year period looks very rosy from afar, depending on future market conditions and the homeowner's financial status, this could turn into a double-edged sword. If the interest rates drop below the homeowner's fixed rate, then he could be saddled with higher payments until the interest rates climb up. The present interest rates coupled with the high cost of living makes this proposition quite attractive. So at least for lower income groups the idea of a long term loan with a fixed rate of interest offers hope as otherwise in the normal 5 year loan, they could never have managed to pay their instalments or have gotten a loan in the first place. 'Nationwide', which started with the 25-year loan was soon followed by 'Halifax', 'Manchester Building Society', 'Kent Reliance', among others.

Mr Alistair Darling also indicated that he wanted lesser penalties for homeowners who wanted to exit from their current mortgage deal. However, 'Nationwide' and other lenders too have clauses, where the homeowner will have to pay penalties in case he wants to exit within the first 10 years after taking the 25-Year loan. According to Mr Darling, the current market crisis is quite different from any past experiences since the interest rates and unemployment percentages were both on the lower side at present and the demand for houses is still strong. The problem with lenders is getting quality borrowers and the more they burn their fingers, the more difficult they make for future homeowners to secure a loan. So, in this aspect a section of borrowers and lenders would certainly prefer a home loan, which could offer them long term stability and fewer chances of homeowners defaulting due to high instalments. Fluctuating interest rates create a lot of problems in the minds and finances of homeowners since lenders rush to raise interest rates once The Bank of England raises the rates but drag their feet when the opposite effect takes place. They also do not pass on the entire benefit of the rate cut to their customers. This action regularly prompts homeowners to look of other lenders to shift their loan. At least a fixed rate 25-Year loan can end this uncertainty in the homeowner’s mind after availing it. Some experts who are against a long-term loan argue that it is this routine jumping between lenders by homeowners, which maintain the interest rate at a competitive level.

So, Mr Alistair Darling's plan of action has certainly given hope to nearly 1.4 million people out of the total 11.8 million people whose low fixed rate loans are about to mature in this current year and who could find themselves on the street if they do not qualify for a loan, as lenders become paranoid on shelling out new loans. So, Mr Darling has certainly become a darling in the eyes of these people.

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Article written by: Craig Parker - Make Money Expert

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