The CML warns of increased home repossession risk as mortgage rates rise.
The CML has issued a warning to home-owners advising that as interest and mortgage rates rise, the risk of repossession will also rise. Those who have become reliant on rates remaining at rock-bottom levels, are warned to review their remortgaging options..
Vulnerable home-owners may be crippled by an interest rate rise.
The fact interest and mortgage rates have been set at rock bottom levels, has allowed a number of families to keep their home. When the base rate rises mortgage rates are likely to increase too, which means vulnerable households not locked into a fixed rate deal may be put under increased financial pressure.
Those who are unable to meet higher monthly mortgage payments are at risk of having their home repossessed.
If this describes your situation, you are advised to act sooner rather than later. One way to avoid being impacted by an increase in interest rates, is to lock into a new mortgage while rates remain at record lows.
If you would like remortgage advice we recommend that you call one of our Deal Direct advisers on 0800 048 8828.
We can assess your circumstances and advise what your remortgaging options are. We will do all we can to help you switch to a cheaper fixed mortgage rate for increased financial security.
To carry out on online search click the red button below, or call 0800 048 8828 for independent and personalised remortgage advice.
Speak to an adviser today.
0800 048 8828
