Briefly: BNP offers inherited homes deal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BNP MORTGAGES, the UK arm of Banque Nationale de Paris, is offering mortgages against inherited properties that owners cannot sell.
The bank believes that with 150,000 properties being inherited each year - twice as many as the number repossessed last year - they could be an even bigger drag on the market than repossessed homes. It believes the answer is for more people to rent their empty inherited homes, but points out that some lenders charge higher rates of interest to people who raise loans on properties they rent out.
BNP is offering a range of mortgages under its new scheme. One has a variable rate of 10.85 per cent, with a 1 per cent discount for the first six months to bring it in line with building society rates. There is also a fixed rate of 9.6 per cent for two or three years or 9.3 per cent for the same periods, including a mortgage payment protection policy. The arrangement fee is pounds 250.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments