Mortgage Opportunities Still Available For Anxious Property Owners

 

Ben Wilkie, editor at What Mortgage, has said that there are different choices for UK property owners who are having trouble with their current mortgages.

The expert stated that if interest rates continue to maintain their present low rate, the UK is expected to evade high number of repossessions.

These comments came after the publishing of data sought by the Financial Services Authority, who found that the number of arrears cases in the second quarter of this year stood at 35, 700, only a slight change on last quarter’s figures, and a 4% drop from the figures of the second quarter in 2010.

In all, the number of accounts that were in arrears at the end of the last quarter saw a 1% drop on the initial quarter of the year, and a 6% drop from last year’s figures, at 332, 700. 

He further explained that even if people are having trouble, they do not need to get anxious as there are still resources out there to provide them with help.

Mr. Wilkie went on, saying that "if people are in trouble then there are options available to them. One of those options is to go interest-only, and an interest-only mortgage is costing you virtually nothing with a tracker or variable rate deal.”

He explained that part of the reason why repossessions have not seen a dramatic increase, despite the deterioration in the economy, is the maintenance of the low interest rates.


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