Millions of remortgagers could lose out on best deals
www.moneynews.co.uk > Mortgages > Millions of remortgagers could lose out on best deals
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Money News |
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Millions of remortgagers could lose out on best deals
Mon 3rd Nov 2008
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The Times covered Financial Services Authority data which showed that nearly half (49 per cent) of homeowners who have taken out loans since the beginning of last year have borrowed more than 75 per cent of their property's worth.
Many will not be able to secure a good remortgage deal because the majority of lenders save them for those with larger deposits.
Remortgagers forced on to the standard variable rate (SVR) could have to pay £333 more every month.
According to the Bank of England, 1.2 million people could enter negative equity if house prices drop by 25 per cent.
The Times advised homeowners to check their mortgage contracts as some lenders bring on a "reversion rate" at the end of the duration that is preferable to the SVR.
Last week, Look4aProperty.com said that the declining economy meant self-certification mortgage lenders are "badly exposed".
Chief executive officer Aaron Turner said lenders often do not check self-certification mortgage applications, enabling people to borrow more than they can afford.
Click here for more mortgage news.
Related News : Mortgages |
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Related News : Housing market |
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