Mortgage Meltdown Fears in the UK
August 2007 News from The Debt Counsellors - With experts predicting interest rates to rise again, end-of-term mortgage holders face severe financial pressure.
(PRWEB) August 10, 2007 -- August 2007 News from The Debt Counsellors: With experts predicting interest rates to rise again, end-of-term mortgage holders face severe financial pressure.
Recent Reports indicate that fears of a dramatic increase in the number of houses repossessed are growing, with the Council of Mortgage Lenders (CML) revising upwards its forecast of 18,000 repossessions this year. The two million people whose fixed-rate deal mortgages will come to an end during the coming 18 months are expected to suffer the most pain.
"This effect (of the recent five interest rate rises) will become much more evident in the coming months as borrowers with fixed-rate mortgages come off their existing deal into a significantly higher interest rate environment," commented CML director general Mr Coogan, who also believes that the UK should brace itself for "one more interest rate rise before the end of the year".
Mr Coogan's fear of a further rise before the end of the year will see those 2 million with end-of-term fixed-rate deal mortgages - especially interest only mortgage deals face unprecedented pressure on the family's dwindling disposable income.
Kerry F. of Manchester is a typical first time buyer with an interest only mortgage near the end of it's term "my Mortgage will be extremely difficult to service if interest rates rise any higher - I'm restructuring all my debts now, before things get worse."
For Kerry F. that meant seeking advice from debt counselors to restructure debt and firmly drawing the family purse strings: foregoing holidays, luxuries and evenings out with her partner.
"We both work long hours and the last thing we need is financial worries between us."
Her partner agrees: "Calling the phone to Debt counselors was free - they are very understanding and provide really solid, dependable advice."
If you are concerned about your finances please call The Debt Counsellors for expert debt advice. To be Debt Free in 36-60 months, please call: 0800 018 6018 or visit www.debtcounsellors.co.uk
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