Sunday, Dec 06, 2009
More pressure building
Times online: High risk and on the shelf
"For borrowers already in the mortgage market who may be paying their mortgages perfectly well, but whose combined risk factors look high, the ability to get a new mortgage will be significantly reduced in the future,” says Wyles. “There will be a group of existing borrowers who will be prevented from taking out a new mortgage with a different lender, or possibly even with their existing lender, in the future.”
Posted by waitingtobuy @ 07:54 PM (772 views) Add Comment
1 Comment
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1. sovietuk said...
“For borrowers already in the mortgage market who may be paying their mortgages perfectly well, but whose combined risk factors look high, the ability to get a new mortgage will be significantly reduced in the future"
Home owners with larger mortgages (e.g £150K+) are probably now living in a permanentley high risk situation. A deteriorating economy and higher interest rates (imposed say for example by an IMF bail out or through some other necessessity) could make life absolute hell for large chunks of the population. Bonded labourer comes to mind.