Negative Equity; Interest rate rises could mean a whole lot of trouble for a whole lot of people if you're worried about what could happen if the rates go up, you're not alone.
Negative Equity; For the last 5 years, the Bank of England has kept the base rate at 0.5% to help the economy to grow and to protect mortgage borrowers. Low rates make it cheap to borrow money, encourages spending and boosts business growth.
Now that the economy is feeling a little healthier, the Bank is predicting a rise. This is good in some ways and may also indicate a rise in wages too but it may be sometime before the benefit is felt across the board.
In the meantime, if your mortgage goes up and your income doesn't keep pace, it could mean very uncertain times for homeowners.
And that's alongside the news that 3 out of every 4 homeowners are completely unprepared for a rate rise.
An interest rate rise almost certainly means bigger monthly mortgage payments for those on variable rate and tracker mortgages.
If you're unsure how this could affect you, ask us.
We've already helped hundreds of people unable to meet their mortgage payments each month by working on their behalf with their lender to come to a solution.
In many cases, we've helped homeowners paying large mortgages on houses that are simply not worth what they were 5-10 years ago.
It costs nothing to ask our advice and fees are only payable if we can get you a result.
Give usa call today on 028 9018 3223! Or click here for a no obligation callback!
"In life, we often experience unexpected financial setbacks and it can be a real struggle to find your feet again. Your mortgage may start to suffer and finding repayments is a real struggle. In the meantime you are accruing arrears and getting into more and more debt. If you are worried about losing your home because of negative equity, don't ignore the problem, do something about it."