Pages

Last of the mortgages, love! Going cheap, now!



AIB's campaign (I've seen it in bus shelters and now online) Mortgages for Sale is interesting. I like the simplicity of the idea. Mortgages are for some (well, for me, at least) a slightly confusing product - like all financial products (a phrase that I only heard for the first time about 10 years ago), and this brings them into a more recognisable form.

The style is very familiar, almost ubiquitous - something you might see stuck on a car or outside a house being sold by the owner. And it seems to me to imply value for money - nearly SALE NOW ON, PRICED TO SELL; but it doesn't claim explicitly that they are cheaper than any others, just that you can buy mortgages here.

One reason I particulary like the idea is that it brings a simple question into my mind that I haven't asked often enough: How much does a mortgage cost? You borrow X from the bank to give to the person who has sold you the property, and then the bank get that money back off you over a period of time and they add interest. How much interest they add is how much the mortgage has cost you, and of course that depends on whether you have a fixed or variable rate of interest in place and possibly a few other terms & conditions. I'm off to find out how much I'm paying for my mortgage (which is not the end-point of the ad, but thank you AIB, nonetheless.)

No comments: