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Remortgage & Bad Credit Remortgage as Mortgage Rates Climb As UK loan rates swell to 5.5%, their highest level since April of 2001, there has been a good deal of concern regarding the millions who own homes who could potentially find themselves over budget and may need to remortgage in order to handle their monthly repayments and affordability pressures. The experts at Experian suggest that bad debt could possibly rise in this environment, as payment pressures grow and individuals find themselves stretched financially, leading to a potential growth in IVAs and mortgage repossession as people begin falling into arrears on their secured mortgage loans. The Council of Mortgage Lenders believes that a 0.25% rate rise would most likely push the capital mortgage repayments on a 140,000 pound loan with a 25 year term at 5.48% up by as much as 21 pounds a month and interest-only mortgage repayments on the exact same loan up 29 pounds monthly. It's clear that increasing mortgage rates will add to financial stress on borrowers affordability and could possibly force some homeowners into mortgage arrears as they struggle to handle their debts and credit commitments every month. Enable Finance are experts in assisting people in this kind of circumstance and have a bad credit remortgage in the event they've fallen behind with repayments or have a CCJ or default. Enable Finance Ltd. is catered for potential borrowers whose credit histories fall outside high street criteria for lending - for instance; bad credit; self cert mortgage; fluctuating patterns of income and court judgments. Enable Finance is regulated and authorised by the Financial Services Authority, or the FSA. It is a part of the Finance Industry Standards Association (or the FISA) and the National Association of Commercial Finance Brokers. Mr Evans is a content writer for http://www.enablefinance.com that writes about mortgages in the UK. Specializing in everything from self certification mortgages to first time mortgages, he works diligently to explain and simplify the mortgage market for everyone.
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