Being a mortgage broker in these risky financial times could be a bit of a distressing situation. For 12 years they’ve had it handed to them on a plate but many brokers now have been feeling the pain for over a year. They are the people who notice these problems before the masses.
Finding a remortgage quote can be particularly tough. Financial companies are erasing deals from the market as regular as clockwork. Often it is a race against the closing bell to get a remortgage application put forward before the lender abolishes the offer.
Simon Pritchard-Jones, head of the stockbroking service WH Ireland, said: “There’s so much more running around to get mortgages put in on time before they’re withdrawn”
The banks have their tail between their legs when it comes to lending cash to each other. As a side effect of this interest rates have been rising on many products and hundreds of mortgages have been revoked because it’s just too expensive for the lender to borrow the moolah.
Many customers’ fixed rate mortgage stopped in 2008 and many more will finish in 2009. The problems associated with finding a re-mortgage now means that mortgagees simply don’t have the choice they had 20 short months ago. To stop a property repossession by remortgaging now can be really tough.
It looks like we’re going to have at least another 1 to 2 years of this so strap yourself in because we are in for a rough ride.
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