Cheap mortgages could reduce repayment difficulties
Wed, 31 May 2006
New research suggests that around 250,000 people are behind on their mortgage payments as they struggle to maintain financial stability.
The study conducted by One Advice found that around two million Brits are starting to experience a debt crisis, with around 661,000 people behind on credit card payments, 416,000 on personal loans and 363,000 have crippling overdrafts. A further 837,000 are failing to repay money borrowed from friends and family.
One Advice estimate that 110,000 people could be facing bankruptcy and there are fears that such financial problems could force many people to turn to alternative lenders that offer loans to those with poor credit histories. However, such products usually come with high interest or expensive penalty clauses.
Instead, homebuyers are being encouraged to make sure they shop around for the best cheap mortgage deal before purchasing their new home as well as ensuring that they do not financial over commitment themselves in order to secure their dream property. 
© Adfero Ltd
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