It is different this time Posted March 17, 2008 Share Posted March 17, 2008 http://www.moneyhighstreet.com/news/185115...rtgage+hike%27/ Many homeowners are at risk of defaulting on their mortgage payments when their fixed-rate deals come to an end in the coming months, a new study has suggested.Analysis from Mortgage Monitor found that 340,000 people took out fixed-rate mortgage deals in 2003, when the interest rates were at a very low level. However, the researchers warned that these deals were set to expire and that people will face the prospect of paying back a total of £1.02 billion more when this happens. Typically, the study suggested that the average homeowner who secured a fixed-rate deal in 2003 will see their monthly mortgage repayments rise by £250 a month. Les Jacobs, the chairman of Mortgage Monitor, commented: "The massive bill that home owners face makes it more important than ever that they can find impartial advice and guidance to help them navigate the mortgage market. "For many, finding the right deal will make the difference between making ends meet or facing financial strain or even repossession." In the Budget last week, the chancellor said that he was keen to encourage consumers to opt for long-term fixed-rate mortgages The timing couldn't have been worse for those people, looks as if Gordon Browns' 'miracle economy' is unwinding fast before our eyes! Quote Link to comment Share on other sites More sharing options...
eric pebble Posted March 17, 2008 Share Posted March 17, 2008 http://www.moneyhighstreet.com/news/185115...rtgage+hike%27/The timing couldn't have been worse for those people, looks as if Gordon Browns' 'miracle economy' is unwinding fast before our eyes! G Brown is a useless turd.. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted March 17, 2008 Share Posted March 17, 2008 Analysis from Mortgage Monitor found that 340,000 people took out fixed-rate mortgage deals in 2003, when the interest rates were at a very low level. Then why are the experts still telling us that "interest rates are at a very low level"? Quote Link to comment Share on other sites More sharing options...
sambino Posted March 17, 2008 Share Posted March 17, 2008 G Brown is a useless turd.. The turtles head is well and truly out now, Gordon tried hard to keep it forced in but its slipped out and theres nothing he can do before its fully out in the open Quote Link to comment Share on other sites More sharing options...
headmelter Posted March 17, 2008 Share Posted March 17, 2008 Typically, the study suggested that the average homeowner who secured a fixed-rate deal in 2003 will see their monthly mortgage repayments rise by £250 a month. Along with all the other inflationary pressures the forced sales aren't too far away. Quote Link to comment Share on other sites More sharing options...
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