商务翻译英译汉课件潘惠霞主编 9787 81134 759 3英译汉 Unit 8.pptVIP

【Translation】 Growing numbers of first-time buyers desperate to get on the housing ladder but struggling to afford sky-high house prices are being encouraged to tie themselves into mortgages lasting 35, 40 or even 45 years. With today’s buyers requiring ever-larger home loans, some banks and building societies have come up with a clever trick for bringing the dream of home ownership within their reach: increasing the term of the loan in order to reduce the monthly payments. But it’s a trick with a nasty catch. While your monthly outlay will be lower, by the time the deal comes to an end you’ll have paid far more — perhaps an extra BP 150,000 — than if you had a standard 25-year mortgage. On the face of it, the maths of mortgage stretching looks pretty good. If you signed up for a BP 200,000 home loan to be paid back over 25 years, you would pay BP 1,140 a month in the first two years and BP 1,329 a month for the remainder of the term, assuming a two-year tracker rate of 4.79% which then converts into a 6.5% standard rate. That monthly repayment after two years falls to BP 1,157 — a saving of BP 172 a month or more than BP 2,000 a year — if you increase the term to 40 years. For those with tight finances, that BP 172 a month saving could be the difference between getting on the property ladder and being forced to continue renting. But those lower payments come at a price. After 25 years, you would have handed over a total of BP 394,241 in mortgage payments, based on the above example. But with a 40-year term, the total amount repaid soars to BP 549,931. Some might say that if house prices continue to rise in excess of earnings, the only way repayments can remain affordable is by increasing the term of the loan. But others will say this is a ticking timebomb, (reminiscent of the tactics used by those loan consolidation companies that offer people the chance to bring all their debts together into “one easy payment” that is substantially less than their current monthly