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News in Detail

Credit Crunch Hits

Tuesday 4th March 2008 - 17:45

Estimates are that in the 10 months till the end of 2008 nearly 100,000 home owners will be coming to the end of their fixed rate mortgages.

It is feared by the majority, that a high volume of these people will not be able to borrow elsewhere and they will also struggle to pay their new rates after what could be in some cases a comfortable 3.75% rising to over 6.00%.

"The credit crunch will worryingly take its toll on these home borrowers. Anyone who hasn’t prepared for this hike may well be in trouble" - says Mark Love at Money Advice Group.

The Sales Manager for Kensington Financial Management is dealing with more and more homeowners that cannot be helped by our own Oak Loans and Mortgages.

Manager for Oak Loans and Mortgages said “It’s great to see all these applications and whilst we operate a panel of lenders that give a representation of entire market place - from high street to specialist. Some deals just don’t fit anymore.”

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