Mortgage interest rates have increased yet again and as a result, a large number of home owners are finding it ever harder to pay their mortgage.
With house prices at an all-time high, banks are having to relax their lending restrictions by offering ever larger mortgages to enable people to buy their own home. Often, people will overstretch their finances to accommodate a high mortgage without taking into consideration the effects that rate rises will have on their ability to make the repayments.
So who is to blame? The banks for allowing people to borrow more than they can realistically afford. Or the house buyers who are still falling over each other to get onto the home ownership ladder pushing the house prices ever higher?
Whoever is to blame, the worrying increase in bad debt is being reported daily and shows no sign of abating.
A lot of the heartache can be avoided by house buyers opting to take out a mortgage payment protection scheme with their mortgage. This will protect their repayments should disaster strike and the principal breadwinner find themselves without an income for whatever reason.
Remortgages are another sure-fire way of reducing your monthly outgoings and making long-term savings by being able to shop around for a better value mortgage deal.
The Thrifty Scot can advise on the best mortgage solution for anyone thinking about buying a home. So visit their site and see for yourself. They’re waiting to hear from you.
The Honest Way