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A regional evaluation of monthly home loan repayments implies that approximately 30% of a household's earnings are committed solely to paying mortgages. The study was done by castle trust. From a geographical point of view it was found that the South East of England allocates the highest amount of their house costs when it comes to paying house loans, with London not far behind. London households had the highest average month-to-month mortgage spending at £716.80. This is obviously due to increased rates of housing in these regions when compared to Northern Ireland, Scotland and Wales. Despite the fact that housing rates vary significantly from place to place, the numbers are consistent throughout the nation, couple these statistics with the increasing worth of electricity and food expenses and many families will be striving to make ends meet. What this research demonstrates is that properties throughout the U . K . invest a lot of their house budget on home loans alone, this suggests that any future rise in the cost of repayments will leave many households throughout the United Kingdom in an extremely weak condition. The potential risk of rising loan rates is a major issue through the region, specifically in times during the global recession together with the downsizing of the market. This is particularly crucial news when its been suggested by numerous specialists that many banking institutions are mis-selling home loans to clients regularly. Banking companies have already had to pay out huge amounts after the existing PPI scandal and it is advised that major monetary companies may have to shell out for mis-selling mortgage loans. Interest-only loans have been aimed as things that might have been mis-sold to buyers, specifically as the Financial Services Authority is examining this type of mortgage loan, this has resulted in numerous banks removing this type of service. In the mean time Lloyds TSB and Santander have adjusted their regulations under recommendations from the Financial services authority. If you have been mis-sold house loans in the past it's likely it'll be one of the following. Interest-only mortgages: These are mortgages in which you pay only off the interest rate and not the capital amount. Sub-prime mortgages: A broker may place a borrower on a sub-prime mortgage that can be sold at a more affordable value You may even be entitled to payment if you have been offered the chance to merge your debt by an agent, as you often increase the sum you spend in time. Many homeowners, notably younger families and first-time clients want to lessen the worth of their loans, as this economic collapse has made buying a house extremely difficult. Various people are trying to hold on to their houses in order to hold on their homes to give to future generations, this has meant that there are not adequate houses for first-time buyers to buy. Therefore with home loan payments being such a large proportion of a household budget many individuals will be wanting to claim back any payment possible whenever they feel that they've got a claim. If you want to be certain with your mis sold mortgage, then you can take the mortgage claim test. This is the fastest way to do the test and find the results as well. If you want to know more, then visit http://www.mis-sold-mortgages-uk.co.uk
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