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Things ain’t what they used to be
Borrowers with mortgage deals that still have years to run can, in theory, face demands from the mortgage lender to repay the loan in full within 30 days. Most mortgage contracts now carry many terms and conditions that allow the lender to pull the plug on the agreement. One leading lender includes the right to vary the contract ‘for any valid reason’.
Getting and keeping a mortgage has become very much harder as banks struggle to maintain funds. If lenders suspect your information is not 100% correct they will often reject you. If your salary has dropped over the year preceding your application you may be rejected, as it may if you have missed even minor payments (i.e. mobile phone).
One mortgage deal in four now requires a deposit or equity stake of 40%.
For the first time since such figures were recorded, in 1965, banks and building societies will collect more in mortgage payments than will be lent to new customers. As the world of home loans gets tougher, securing funds may become a case of ‘who you know’ and specialist help may well be the only way forward. On-line sourcing support, such as may be found at personalloansmadeeasy.co.uk, will become increasingly important.
January 20, 2009 at 4:06 pm | Loans General Info | No comment
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