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Homeowners given mortgages and a glass of wine

Fri, 21 Jul 2006

Homeowners have been told they can indulge in their tastes for fine wines while paying off their mortgage.

A new scheme from Premier Cru Investments, lets interest-only mortgage borrowers to purchase cases of wine that can then be used as investments.

These investments will be used to pay off their capital debt, reports the Times, in what is thought to be a unique scheme.

The scheme has drawn mixed reactions so far, with some experts worried that the financial volatility of the wine market could have an adverse impact on a person's mortgage.

Nick Gardner, a spokesperson for Chase de Vere Mortgage Management, commented: "You could drink yourself into negative equity.

"We would never recommend borrowers rely solely on one investment, including wine, to pay off their mortgage."

It was recently reported that mortgage lending is at a current high, with a total of £32.2 billion advanced during the month of June.

Figures from the Council of Mortgage Lenders suggest a rise in approvals meant good news for the industry as it suggested more people are buying property.

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