Jump to content
House Price Crash Forum
Sign in to follow this  
It is different this time

Consumers Are Facing A '£1 Billion' Mortgage Hike As

Recommended Posts

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!

Share this post


Link to post
Share on other sites
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"?

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.