Tag: low interest rates

May 25, 2009

Penalties assessed due to mortgage contract cancellation. Are they valid or ultra vires?

Financial institutions have many mechanisms to discourage borrowers who wish to benefit from the current low interest rates.
Borrowers wishing to terminate their mortgages are now facing several obstacles even though there exists a law that limits a penalty for a breach of a mortgage contract to three months interest.

April 3, 2009

Take advantage of low interest rates, don’t let them take advantage of you

Spring is here and the peak season for house hunting is upon us. Mortgage rates are quite low making the prospect of purchasing a new home, particularly your first, very enticing. The downside to looking while the interest rates are low is that the vendors are psychologically not prepared to lower their asking price. They […]