Given the nature of our work at Bell & Company we continually meet clients with mortgage difficulties despite the historic low interest rate set by the Bank Of England. This clearly demonstrates the reckless lending pre-crisis of 2008 of which many have fallen foul.
Many borrowers are currently getting by but must be aware a rise in Interest Rates is coming and there is an air of inevitability around the news. It has been predicted that it would take until 2020 for rates to get to pre-crises levels but nonetheless we expect many borrowers to feel the pinch long before then, particularly in areas suffering declining property value.
With 2016 earmarked as the year for a rise in Interest Rates it is vital that borrowers finding mortgage repayments difficult whilst the burden of negative equity lingers in the background act now to resolve the issues. Interest rates are predicted to hit 1.7% in the second quarter of 2017 and many will simply lose their homes merely because they buried their heads in the sand.
The whole economic picture has been revisited by the Bank of England and things are not as rosy as they seem and the Greek crisis too sends the future of European Union into doubt, we still live in a time of economic volatility.
For those finding mortgage payments a trial we would recommend you contact Bell & Company’s resolution team to discuss your options. Our team will always offer the best advice for your situation so call us on 02890 717047.
Many of you may question “why should I call now? I can hang on in there for another year!” The reason to act now is to have a strategy in place well before a rise in Interest Rates. The resolution process can take over a year to finalise and we are sure people will approach us when it’s all too late and the situation is now out of their hands and the lender has control.
If you take a grip of the situation, no matter how dire you think it is, you can minimise the risk to you and your family.
We look forward to hearing from you- contact us now for a free financial review.
Terry Bell – Director