Apr
23
Remortgage and Bad Credit Mortgages as Mortgage Rates Rise
By
Remortgage & Bad Credit Remortgage as Interest Rates Climb
As British loan rates swell to 5.5%, they highest they’ve been in over six years, there has been a great deal of concern regarding the millions that own homes who may now find themselves over stretched and might be forced to remortgage to manage the pressures of their monthly payments.
The experts at Experian caution that increased debt could be set to rise as a result of this environment, as affordability pressures increase and consumers find that they are stretched financially, which leads to a possible growth in IVAs and mortgage repossession as homeowners fall into arrears on their secured loans.
The Council of Mortgage Lenders estimates that just a 0.25% inflation would most likely force the capital mortgage repayments on a 140,000 pound loan with a 25 year term at 5.48% up by 21 pounds per month and interest-only mortgage repayments on the exact same loan up 29 pounds per month.
It’s rather obvious that raising mortgage rates add to pressure on borrowers affordability and may very well push some customers into mortgage arrears as they struggle to manage their debts and credit commitments each month.
Enable Finance are professionals who specialise in assisting individuals in these types of situations and offer a bad credit remortgage if they have fallen behind with repayments or have ended up with a Default or county court judgement.
Enable Finance Ltd. caters to potential borrowers who have credit that falls outside high street criteria for lending - as examples; less than perfect credit; self cert mortgage; fluctuating earning patterns and court judgments. Enable Finance is regulated and authorised by the FSA, or the Financial Services Authority. It’s a part of the FISA, or the Finance Industry Standards Association and the National Association of Commercial Finance Brokers.
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