Property Repossession Up As Adverse Remortgages Become Scarce
Working as a mortgage broker in these unpredictable financial times can be a bit of a headache. For 10 years they’ve had it handed to them on a plate but many firms now have been feeling the misery for a good while. They are the people who notice these problems before most others.
Finding a remortgage quote can be particularly difficult. Financial institutions are removing deals from the marketplace as regular as clockwork. More often than not it is a race against time to get a remortgage application in before the lender eliminates the offer.
Simon Pritchard-Jones, head of the stockbroking service WH Ireland, said: “There’s a whole lot more running around to get mortgages submitted on time before they’re no more”
The banks have gone very cold when it comes to lending money to other banks. Because of this interest rates have been on the up on many products and scores of deals have been taken down because it’s just too expensive for the lender to get hold of the money.
Many people’s fixed rate mortgage ceased in 2008 and thousands more will stop in 2009. The difficulty in finding a re-mortgage now means that mortgagees simply don’t have the choice they had 20 short months ago. To stop a house repossession by remortgaging now is really tough.
Most analysts reckon we’re going to have at least another couple of years of this so batten down the hatches because we are in for a rough ride.
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