Broker – A million homes at risk
The expertise of a mortgage broker is going to come in handy for over a million households in 2008. The global credit crunch and sub-prime housing crisis in America that has left the country on the verge of recession is having a huge impact on the UK. Some predict that homes will devalue by a massive 10% over the year, but as homes lose “£50 a day”, mortgages are gallingly becoming more expensive. A mortgage broker can help safeguard your finances if you want to remortgage by finding a more competitive financial package.
Mortgage brokers help millions
The warning that one million homes will be at risk came from the Financial Services Authority, who believe the economic slowdown will leave many borrowers and homeowners at risk. Those with large mortgages are most at risk. The FSA said that if you tick any of the three boxes below, you could be one of the homes most vulnerable:
- If you’re mortgage is for longer than 25 years
- If it equates to over 90% of the value of your home
- If your mortgage is the equivalent of 3.5 times your income (or greater)
Get a competitive mortgage through a mortgage broker
A mortgage broker can help get you a more competitive package, but the City regulator the FSA warned that times will be tough for homeowners. Rising inflation and a slower economy will impact heavily on those who are not in a fixed rate mortgage. Additionally, redundancies could rise as the economy struggles. A mortgage broker will ensure you get the best deal as well as the best mortgage protection insurance to safeguard you from financial crisis. The FSA say 1.04 million homeowners have mortgages that tick two of the boxes that are a cause for concern, and that these homeowners are the most likely to default on loans and risk repossession. 150,000 mortgages sold between April 2005 and September 2007 falls into all three categories. If you are worried about the health of your mortgage and finances, contact a mortgage broker to see what steps you can take to help you navigate the credit crunch.
Prosper Home Loans have the experience and expertise to obtain the best mortgage to suit your individual financial situation. Whether you are planning your first purchase, moving home, thinking about remortgage or debt consolidation, buying a second home, or perhaps considering a commercial venture, let Prosper help. Prosper has extensive experience in working with specialist self cert mortgage lenders, so if you’re looking for self cert mortgages or bad credit mortgages, email your query to: enquiry@prosperhomeloans.co.uk or telephone: 01424 712333 and find out how Prosper can help you.