Consumers are getting hit hard by the loss of a low rate mortgage and many are finding it increasingly difficult to make their payments and get by. Formerly low rate mortgages are skyrocketing in price and many are concerned about making ends meet in the current economic climate, particularly as the cost of living goes up.
Louis Cumings of MoneySupermarket commented, “Anyone finding their mortgage repayments a real struggle should remember final repossession is a long process and lenders have a regulatory requirement to act sympathetically towards borrowers experiencing financial hardship. Anyone worried about their ability to keep on top of their bills should approach all creditors, not just their mortgage lender, as soon as possible and work with all parties to try and put an affordable monthly payment plan together.
Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), said: “I remain concerned that the optimism for the next few months may be scarred by the current uncertainty regarding stamp duty. The confused messages being sent out by the Government will undoubtedly have an impact on consumer confidence as the public is understandably confused at present about whether to buy or sell.
Related reading: Low Rate Mortgages
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