Worried about being able to pay your mortgage?
Thursday 24 August, 2023
The mortgage market is making the news headlines daily, with mortgage lenders withdrawing deals and increasing rates in a reaction to the recent news that inflation is slowing at a less-than-expected rate and the rising Bank of England Base Rate.
You might not see an immediate impact if you are on a fixed rate but if you are worried about paying your mortgage, speaking to your lender early is key. You may have heard about how lenders are being encouraged to show forbearance, which is where you agree with your lender to pay less than your full mortgage payment for a period of time, based on how much you can afford. Lenders have a range of options available to help you and this will be tailored to your individual circumstances. You will still owe the money, but the lender will work with you to find an affordable way for you repay it once your financial circumstances improve.
Mortgage lenders are there to help. If you are worried about keeping up with your monthly payments, make sure you engage your lender early.
James Ashaye, Mortgage Broker in Edmonton, North London said:
“We’re here to help too of course and when it’s time to remortgage, we’ll be ready to guide you with our in-depth knowledge of the different mortgage products on offer and the full suite of options available to you.”
If you have any mortgage questions or concerns, please call Thomas Oliver on 01707 872000 or drop us an email at enquiries@thomasoliveruk.co.uk.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 30/06/2023
Expiry 30/09/2023
