Mortgage Brokers in Demand as Repossessions Soar
Mortgage brokers are increasingly in demand thanks to the tightening economic conditions. As more homes are at risk of repossession, mortgage brokers are facing more requests for remortgages and mortgage products.
Auction bargain basements
The large amount of properties up for auction is a direct result of the rise in repossessions. Around 27,000 homes were repossessed according to the Council of Mortgage Lenders in 2007. That’s a sharp rise from the 8,500 repossessions in 2003, and predictions state 2008 figures will be even higher. For those who have lost their homes, it’s misery, but the increased number of homes put up for auction means many property developers and first time buyers can snap up some bargains. Mortgage brokers can help secure a competitive mortgage is in place so buyers can act swiftly and capitalise on the bargains.
Mortgage brokers and remortgages
As well as more people desperate to secure mortgages to buy properties at cut-price, mortgage brokers are also facing increased demand from current homeowners needing to remortgage. The credit crunch has resulted in higher rates from mainstream lenders, and many homeowners are facing massive rises in their mortgage payments as they come to the end of their fixed rate deals. It’s estimated over a million homeowners are at increased financial risk as their outgoings outstrip their income. As well as rising mortgage bills, fuel, food, electricity and water bills have all gone up, leaving many on a knife’s edge, juggling unmanageable debt. Mortgage brokers can help homeowners find more competitive rates by scouring the hundreds of remortgage products available.
Mortgage brokers can help
Mainstream lenders, such as high street banks and building societies, are reluctant to offer competitive remortgage or mortgage products in the current financial climate. A specialist mortgage broker however has access to mortgages and financial products not available on the high street, ensuring you find a competitive deal that’s right for you. The Council of Mortgage Lenders has warned the number of repossessions will rise as the credit crunch tightened. If you don’t want to be a victim, or if you want to capitalise on the property auctions, it’s essential you secure a competitive mortgage. Michael Coogan, CML director general told the BBC: “The number of repossessions is likely to be higher in 2008 as a result of wider issues in the economy and the mortgage funding markets.”
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.