RSS FeedsMore Mortgage Misery for UK homeowners
20/03/2008
According to MoneyNet.co.uk homeowners with mortgages are facing yet more misery, something that seems to be the norm of late.
This is as a result of yet further increases in mortgage payments in some cases and less and less financial options.
A major survey looking at the UKs mortgage market found that incredibly over a third of OK homeowners with mortgages are paying out huge amounts on mortgages and in many cases as much as more than three times their annual salary. MoneyNet claims that from this figure as many as up to thirty per cent of these homeowners are uncertain as to whether they would be able to secure this amount of mortgage with a new lender if they needed to and provide proof of their income.
Richard Brown, Chief Executive of Money Net said earlier today that "Many of these borrowers are likely to find it very difficult to remortgage now that the days of easy borrowing have come to an abrupt end.”
He also then went onto say that, "Fewer and fewer lenders will be prepared to offer competitive alternative deals to anyone who is considered at risk of default. These borrowers will have little choice but to accept what their present lender is prepared to offer when their current deal comes to an end."
It is no surprise that the UK Mortgage market has seen a much stricter criteria for lending in recent months, much of which is down to the global credit crunch.