Monday, January 23, 2012
Staggering how many UK mortgages are in
Long article looking at UK debt problem. However, one fact leapt out of the page: ''Some 12pc of all UK mortgages are in "forbearance". ( Forebearance is a term where a house is 'saved' from being repossed by the lender making and agreement with the borrower)". This is a staggering amount - 1 in every 8.5 mortages! This number will only get worse as the cost of living is not going to go down and interest rates will eventually go up. If the Fed raises interest rates as suggested in this article, will other countries have to follow as surely money will flow there? It would be interesting to have some views on what this number would be if interest rates were, 2,3, 4 or 5 percent as surely they will be at some time in the future.