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Remortgage and Bad Credit Mortgages as Mortgage Rates Rise  

by P Evans

Remortgage & Bad Credit Remortgage as Interest Rates Climb

As Great Britian's loan rates rise to 5.5%, which is the highest they have been since April of 2001, there has been a lot of concern about the millions of homeowners who could potentially become over stretched and have to remortgage to handle their monthly repayments and affordability pressures.

The specialists at Experian advise that bad debt could be set to rise as a result of this environment, as pressures to afford payments elevate and customers find that they are stretched financially, which leads to a potential rise in IVAs and mortgage repossession as homeowners begin falling into arrears on their secured mortgage loans.

The Council of Mortgage Lenders believes that just a 0.25% rise in mortgage rates could push the mortgage repayments on a loan of 140,000 pounds with a 25 year term at 5.48% up by 21 pounds monthly and interest-only capital mortgage repayments on the exact same loan up 29 pounds a month.

It's rather obvious that raising capital mortgage rates add to financial tension on borrowers affordability and may even force some homeowners into mortgage arrears as they strain to manage their credit and debt responsibilities every month.

Enable Finance are professionals who specialise in assisting homeowners in these circumstances and have a bad credit remortgage in the event they've become overdue with mortgage repayments or have picked up a Default or county court judgement.

Enable Finance Ltd. is catered for borrowers that have credit outside high street lending criteria - for instance; adverse credit; self cert mortgage; inconsistent patterns of income and county court judgments. Enable Finance is regulated and authorised by the Financial Services Authority (FSA). It is a member of the National Association of Commercial Finance Brokers and the Finance Industry Standards Association (FISA).


About the Author

Mr Evans is a content writer for http://www.enablefinance.com that writes about mortgages in the UK. Specializing in everything from self certification mortgages to first time mortgages, he works diligently to explain and simplify the mortgage market for everyone.

 


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