Jun/090
Less Remortgages, More Repossessions
Homeowners whose mortgages run out over the next 12 months are going to struggle to remortgage due to lenders increasing the cost of borrowing. Higher interest rates are to be passed on to standard variable rates which in turn will increase, as will the number of repossessions. Consumers paying £576 a month could soon be paying over £1000 per month. And as the prospect of redundancies and unemployment rise, lenders are tightening their criteria.
Over a million consumers have a home loan worth more than the value of their home, and these are more likely to face repossession as the number of available deals is reduced increasing the price of remortgages. Those consumers who have missed payments on their mortgage also face a reduced number of deals available to them as lenders look more to financial and employment history. Steps can be taken to put you in a better position such as cancelling credit cards that don’t get used, overpaying on your mortgage and reducing unsecured debt.
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