The Money Tribe is a website that aims to make financial matters more easily understood, and has published new information on the move to simplify mortgage rates, undertaken by the Council of Mortgage Lenders and the consumer group. —
The new article (www.themoneytribe.com) describes the fact that there are currently over forty different names for the fees and charges currently used in mortgages. These make cross comparison, or even simple comprehension next to impossible for anyone not embedded in the industry. The CML have drafted a standardised version of the terminology, which will be adopted by 85% of lenders by the end of the year.
The new article is one of many posted to the site about the mortgage industry. The site also covers bad credit loans and the FTSE 100, so as to provide ordinary people with a better understanding of how the financial industry works, and how it affects them in their everyday lives.
A spokesperson for The Money Tribe explained, “Mortgages are tough enough to secure without having to learn a different language to understand them. The jargon had reached a fever pitch, and this move has been taken to try and get it under control. The new terminology will help people more easily compare the field, to encourage competition and hopefully, increase bargaining power. This could mean lower rates in the near future, as lenders will have to compete more directly than they have in years past. Our website is committed to ensuring people know about these developments as they happen, and can take advantage of every opportunity afforded to them.”
About The Money Tribe: The Money Tribe is an online resource center focusing on the financial matters that matter to everyday people. The website covers the stock exchange, mortgages, bad credit loans and bank accounts from the perspective of those for whom the struggle is real. The site is regularly updated by a committed team of writers and researchers.
Name: Scott Smith
Email: Send Email
Organization: The Money Tribe
Release ID: 127423