Remortgage and Bad Credit Mortgages as Mortgage Rates Rise

Remortgage & Bad Credit Remortgage as Interest Rates Go up

As The UK's interest rates rise to as much as 5.5%, the highest they have risen since April of 2001, there has been concern regarding the millions who own homes who could potentially find that they are over budget and might be forced to remortgage in order to manage monthly repayments and affordability pressures.

Specialists at Experian advise that increased debt could possibly rise as a result of this climate, as affordability pressures elevate and individuals find themselves stretched financially, which leads to potential increases in IVAs and mortgage repossession as families fall into arrears on secured mortgage loans.

The Council of Mortgage Lenders has estimated that a 0.25% rise in interest rates would shove the repayments on a loan of 140,000 pounds with a 25 year term at 5.48% up by 21 pounds monthly and interest-only mortgage repayments on the same mortgage loan up 29 pounds per month.

Clearly, increasing interest rates will increase financial stress on borrowers affordability and may even push some customers into mortgage arrears as they try to manage their debts and credit responsibilities each month.

Enable Finance are expert professionals in helping people in these types of situations and have a bad credit remortgage if indeed they have become overdue with repayments or have ended up with a County court judgement or default.

Enable Finance Ltd. provides for those that have credit outside standard lending criteria - for example; poor credit; self cert mortgage; inconsistent patterns of income and county court judgments. Enable Finance is regulated by the Financial Services Authority, or the FSA. It is a part of the Finance Industry Standards Association (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.