The latest figures have shown a huge increase in the number of people applying for mortgages. In the year up to November, more than 40% more applications were filed than in the previous year. At nearly 90% of the total, by far the greatest number of applications were for short-term mortgages. That is, mortgages with a term of two or three years. During the month of November 2009, some brokers found the number of applications for two-year, fixed-rate and tracker mortgages increased by 10%. This has been attributed to the competitive pricing strategies employed by lenders. The same could be said for remortgaging activity, which also saw a substantial increase in applications; up by over 5% in November from the previous month.
Falling interest rates are making new mortgages increasingly attractive and that’s enticing more and more borrowers to remortgage their homes. Many people are finding that remortgaging offers a far better rate than the one which was on offer with their current mortgage’s standard variable rate. No-matter what the reasoning, it is clear that mortgage lenders are continuing to slash rates in an effort to entice new homeowners and those seeking to remortgage and that means there are a host of affordable deals on the market. Sadly though, some may not be in a position to take advantage of these great rates.
It’s understandable that a homeowner might want to free up a bit of extra cash from the equity tied up in their house. Even without all of those pressing expenses, having that cash available to cover any unforeseen circumstances makes life a lot less stressful when they do crop up. However, putting your hands on a large cash sum to cover emergencies and other sudden costs can prove to be extremely difficult, especially if your credit rating has suffered due to bad debts and missed payments. If you’ve been subject to even more serious debt problems and had to resort to severe debt solutions, like a bankruptcy or CCJ, it can be even more difficult to secure credit from a conventional lender. Your first thought should be to discuss your financial circumstances with a trusted, experienced debt advisor. Harrington Brooks are one of the longest standing financial institutions in the UK and an help you deal with your unsecured debts if you find it a struggle making payments to them.
The specialist debt advisors at Harrington Brooks will be able to give you expert advice on your debt problems.