Mortgage broker in demand as mortgages get tough
Ominous reports continue to emerge from financial watchdogs about the future of the housing market in 2008. A million homes are at risk of defaulting on their mortgage thanks to over borrowing and over stretching their affordability. The inflated cost of property forced thousands to put their all into their mortgages. And now as house prices plummet, these homeowners are facing financial meltdown. A mortgage broker can help homeowners desperate to remortgage to obtain a more competitive rate.
Mortgage broker can help
The threat of rising interest rates as the economy braces itself for tough times spells bad news for those homeowners with a variable rate mortgage. A mortgage broker can help. And a mortgage broker can be crucial for first time buyers desperate to make the most of the lowering housing prices. Lenders are tightening their lending criteria, eliminating the risks of taking on customers who don’t have secure and regular income or have a bad credit record. For them, it can be frustrating if they are turned away by the high street lenders – but a mortgage broker can access financial packages that high street lenders can’t, ensuring even those looking for a self cert mortgage can find a competitive deal.
At risk of repossession
Homeowners should act fast before they find themselves in financial difficulties. A mortgage broker will help find competitive deals during a time when:
- Mortgage approvals are hit by the credit crunch
- 1.4 million mortgages will see their fixed-rate loans mature this year with payments rocketing by an average of £210 a month
- Auctions of repossessed homes are soaring
- House prices are continuing to fall – with some industry experts expecting a massive 10% drop
- The housing market slows down, and homeowners are unable to sell property easily – leaving them stuck with high mortgage repayments
Although this is good news for prospective home buyers, they will still need the services of an experience mortgage broker – new figures reveal that the percentage of income a buyer needs to save to get on the property ladder has increased by 351% as the lending criteria becomes stricter.
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.