Friday, August 17, 2007

25 years on and back to square one …

Lenders should introduce a three-year review for borrowers with interest-only mortgages

Non-repayment mortgages now make up around a quarter of all new mortgages and with lenders continuing to do whatever it takes to reel in growing numbers of customers, it's clear that many borrowers willing to take on more debt could be heading towards financial ruin. Funding for new cars, expensive holidays and the latest gadgets has to come from somewhere and worrying about repaying a mortgage due in 25 years is simply not on the radar for many spenders.

Posted by uncle chris @ 08:54 AM (695 views)
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3 thoughts on “25 years on and back to square one …

  • This sounds like a good idea but 3 years from now may be a bit late for some, though.Perhaps anyone living in more spacious accom than they require should be advised to downsize as soon as poss while they can still get a decent price for their current home.

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  • Let the false hand-wringing begin…

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  • how can this help anyone?

    First and foremost we need a stable economy as promised, without house prices shooting up on the whim of estate agents BSing prices upwards.. agents should be tied by the boll**ks for all this..

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