CAT Mortgages - Best Buys
CAT stands for Charges, Access and Terms. The Government announced in April 2000 minimum standards a mortgage had to meet in order to qualify as a CAT mortgage. Although most of the specific requirements for a CAT standard mortgage are desirable in isolation they will not all be important for most people. Because a CAT mortgage has to meet every single specified condition most CAT mortgages may often be uncompetitive compared with other similar mortgages from the same or different lenders. Furthermore, many lenders are currently unable to offer CAT mortgages because one requirement is that interest must be calculated daily and their computer systems cannot cope with daily interest calculations.
