Monday, Jan 21, 2008
That's close on 4% of mortgage customers
Firstrung: Mortgage payments missed by half a million customers in past six months - MoneyExpert.com
Close to half a million cash-strapped homeowners have missed a monthly repayment on their mortgage in the past six months, according to MoneyExpert.com research. One in 25 can't pay, but the recent base rate drop will ease the pain, says MoneyExpert.com. The independent financial comparison service says some 463,000 people have failed to meet a mortgage payment deadline since July 2007, representing around four per cent of the 11.8 million outstanding mortgages.
Posted by converted lurker @ 10:38 AM (505 views) Add Comment
4 Comments
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1. jack c said...
"One in 25 can't pay, but the recent base rate drop will ease the pain, says MoneyExpert.com..."
They are missing the point - a 0.25% cut (assuming the borrower gets the full benefit) is little relief when you can't pay the full amount on your mortgage - the recent policy of lenders granting lots of borrowers an "income stretch" when organising a mortgage has resulted in many becoming financially overstretched - it will get worse before it gets better.
2. jack c said...
Thousands of homeowners, unable to meet their mortgage repayments and facing repossession, are being preyed upon by unscrupulous ‘flash sales’ operators, offering instant cash for their property and the opportunity to rent back their own home.
www.citywire.co.uk/News/NewsArticle.aspx?VersionID=100326
3. cyril said...
4% doesn't sound very many to me, so I am a bit underwhelmed.
Also what happened to all the carnage expected as teaser rates expire?
4. converted lurker said...
4% is huge cyril, most lenders refer to a default rate of 1%! You have to remember that this is based on the last 6 months and a vast number of defaulters have simply 'bought' their way out of problems by re-mortgaging, the computer may say no if the try and do this again in the next few months if they have a bad credit record, unless they'll accept 12% rates.