Homeowners face a sub-prime threat
A vast majority of UK homeowners may face increases in mortgage payments of up to 50 per cent.
Current mortgage customers
who are taking advantage of these
fixed rate deals could
find each other tagged as “sub-prime” if
they decided to remortgage.
Director of the UK’s best growing internet mortgage broker,
Dennis Reed at moneygate commented further: “As lenders look to tighten their terms a person could be labelled a bad
credit risk and sub-prime just because of a small financial error
in their past. Those who apply for mortgages will also need to
be much more accurate about the information they give.
“Many people are in for a shock and they should think about
changing their mortgages as soon as possible before the market
does. A skilled broker should be able to hunt around now for
the best deals available and anyone with a mortgage due for renewal
in the next six months should really check their situation, before
it’s too late.”
Datamonitor states that high levels of consumer debt in a field
of increasing interest rates simplify that the UK sub-prime sector
poses more risk than ever.
Free Mortgage Enquiry