What Happens if You Cannot Repay Your Mortgage
The mortgage market is constantly changing, so it’s important to stay up-to-date. This article highlights some of the key changes that have occurred in recent years and will help you determine whether or not refinancing your mortgage makes sense for you. For example, did you know that if you cannot repay your mortgage, the lender may be able to take back all of your property and assets? As well, you should be aware of the fact that if your property is worth less than what you owe on it, refinancing may not be a good option for you and be sure to check out best equity release deals and much more.
Mortgage Deals Are Getting Better: “Inexpensive now means cheaper.” If there were one phrase to describe the mortgage market right now, this would probably be it. Due in part to new government regulation and changes introduced by lenders as an effort to create more stability within the industry, cheap mortgages are becoming increasingly common. This has caused some analysts – most notably those at Moneyfacts – to suggest that expensive loans no longer mean quality ones .
With interest rates remaining low or falling since 2009’s credit crunch crisis , many borrowers have been able to secure very low, affordable rates and benefit from them for extended periods of time. The fact that you can now get a good deal without having to pay extortionate monthly repayments has led many borrowers to consider taking on new mortgages when their existing deals come to an end.
The Mortgage Market is Changing: “More than just the interest rate.” With so much competition in the market, lenders are constantly looking at ways they can improve their offering – both by way of adding value as well as reducing costs . While some banks have made changes directly related to interest rates (such as those made by Santander), others have updated how long-term mortgage terms work or introduced innovative products such as offset accounts , which help customers avoid certain fees.