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Interest rates for mortgages article
Mortgages - Mortgage Debt
Research conducted by a homelessness charity has revealed that the number of people seeking help with financial difficulties has increased eightfold since last year.
The report follows stark warnings from the Financial Services Authority (FSA) - which warned that more than 1 million homeowners are at risk of losing their homes due to changes in the economy.
Following the report, the charity called on the FSA to clamp down on those lenders that offer customers unaffordable products and are then quick to repossess, and called for a shake-up of the court system to ensure that homeowners are given fair treatment interest rates for mortgages in repossession cases.
The charity was contacted by around 80,000 borrowers regarding problems with repayments on their mortgages, as compared to only 10,000 contacts in 2006.
The report was critical of the lack of resources and access to independent advice for those who fall into arrears, as well as showing the need for more resources to help homeowners struggling with household debts.
The charity has called on government departments to set up an advice service in partnership with mortgage companies and also suggested schemes that would allow people in financial difficulties to keep their properties.
For those interest rates for mortgages facing financial difficulties with regards to their mortgages, there are a number of support levels in place, such as income support, but these usually involve a lot of paperwork and lengthy waiting periods for payments.
Payment protection insurance is available, but tends to offer limited cover and payments are usually subject to very strict criteria.
With other research showing that last year's interest rate increases and the ongoing credit crisis has added more than £1,000 to the costs of servicing mortgages, homeowners are facing a tense and uncertain year.
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