Property Repossession Up As Adverse Remortgages Become Scarce

Being a mortgage broker in these risky financial times can be a bit of an annoyance. For a decade they’ve had it better than most but many companies now have been feeling the agony for a good while. They are the ones who see these problems before the masses.

Finding an adverse remortgage deal can be particularly problematic. Financial companies are taking out deals from the market on a daily basis. Often it is a race against time to get a remortgage application submitted before the lender abolishes the offer.

Simon Pritchard-Jones, head honcho at the stockbroking service WH Ireland, said: “There’s a whole lot more running around to get mortgages handed in on time before they’re withdrawn”

The banks have their tail between their legs when it comes to lending cash to other banks. As a side effect of this interest rates have been rising on many products and scores of mortgages have been abolished because it’s just too expensive for the lender to get hold of the spondoolies.

Many homeowners’ fixed rate mortgage stopped in 2008 and hundreds more will run out in 2009. The difficulty in obtaining a re-mortgage now means that mortgagees simply don’t have the choice they had 20 short months ago. To stop a house repossession by remortgaging now has become really tough.

It’s likely that we’re in for at least another couple of years of this so batten down the hatches because we are in for a rough ride.

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