|
|
| |
| |
'Painful' Month Ahead For Homeowners |
|
(2nd July 2008)
Over half of homeowners whose mortgage deals are due to finish this month have not started to look for another one, a comparison site has found.
July will be a "painful" month for those with cheap fixed-rate mortgages as £30 billion worth of deals are due to finish.
The website polled its users on the issue and found while 51 per cent have not attempted to find a new mortgage deal, one in six have successfully found a mortgages.com" title="" target="_parent">remortgage deal but fear they will struggle with repayments.
In addition, a further 18 per cent of respondents said they had difficulty finding a new deal they could afford or are eligible for.
Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "Many homeowners will be plunged into a borrowing underclass in July when their fixed rate deal comes to an end.
"Banks are cherry picking customers, leaving many people unable to find affordable deals to service mortgages taken out in better times, when they were plentiful and easy to get hold of."
Figures released by the Bank of England earlier this week revealed the number of remortage approvals fell to 90,000 in May from 100,000 in April. 
|
News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
|
| |
|
|
|
|
|
|
|
|
