Mortgage borrowers 'have options'
www.moneynews.co.uk > Mortgages > Mortgage borrowers 'have options'
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Money News |
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Mortgage borrowers 'have options'
Mon 2nd Jun 2008
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Darren Cook, mortgage expert at Moneyfacts.co.uk, says people who took out 100 per cent plus loans are now struggling to find similarly competitive deals as lenders tighten up in the wake of the credit crunch.
Rather than continuing with their current mortgage term at their lender's standard variable rate (SVR) however, Mr Cook suggests moving the unsecured part of their mortgage to an unsecured personal loan and moving the remaining secured debt to a deal with a lower loan to value (LTV).
He says lenders are becoming increasingly sympathetic to compromises like these and "should understand the difficulties people are finding themselves in".
He adds it is likely both parties can reach "a mutually acceptable agreement".
According to Moneyfacts, the average shelf life of a mortgage deal is down from 30 days a year ago to just 11 days now.
Related News : Mortgages |
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