Topic Reviews

House Repossession Up As Remortgage Advisers Try To Hang In There

Posted December 25th, 2008 by admin

Being employed as a mortgage broker in these wavering financial times can be a bit of a headache. For a decade they’ve had it handed to them on a plate but many firms now have been feeling the misery for some time. They are the people who are aware of these problems before the general populace.

Finding a happy remortgage adviser can be particularly difficult. Financial companies are withdrawing deals from the market faster than you can say ‘don’t take my house away!’. More often than not it is a race against the closing bell to get a remortgage application handed in before the lender takes down the offer.

Simon Pritchard-Jones, head honcho at the stockbroking service WH Ireland, said: “There’s so much more running around to get mortgages submitted on time before they’re taken down”

The banks have their tail between their legs when it comes to lending funds to other banks. Because of this interest rates have been on the up on many products and scores of offers have been taken down because it just costs too much for the lender to borrow the money.

Many homeowners’ fixed rate mortgage lapsed in 2008 and hundreds more will expire in 2009. The difficulty in picking up a re-mortgage now means that customers simply have less choice than they had 20 short months ago. To stop a property repossession by remortgaging now is really tough.

It looks like we’re set for at least another couple of years of this so I hope you have your sea legs because we are in for a rough ride.

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