Collapsed,lenders,leave,thousa finance, share, loan Collapsed UK lenders leave thousands trapped in high rate mo
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
The credit and mortgage boom of the last 10 years fuelled an explosion in specialist lending from non bank mortgage lenders, lending freely to the self employed and those with poor credit histories. Since the collapse of the mortgage and lending markets lenders have exited the market leaving borrowers trapped in high rate mortgages and with no viable alternatives from a mortgage market that now assesses new applicants in the strictest terms with only the most credit worthy getting access to the best deals or any deal atall, says mortgage and property website obligo.co.ukIn Britain, mortgage poverty is associated with low earners and the working classes. However, as a consequence of the credit bonanza of the last 10 years the suburbs of Britain are home to a new class of families weighed down by mortgage debt, locked into expensive mortgages and with no means of reasonable escape. Ray Bohringer, spokesperson at mortgage and property website obligo.co.uk said consumers are telling us they are locked in deals from which there is no way of exiting or remortgaging. These borrowers have mortgages with lenders who are now out of the market or who have ceased lending. These borrowers took deals on short term fixed rates and expected to remortgage to a new fixed rate or cheaper deal as they been encouraged to do by the market, the regulator and consumer groups. Sadly deals for consumers who are self employed, with a poor credit history or unusual circumstances are longer available and there appears to be no light at the end of the tunnel? Bohringer went on to say borrowers may find their situation hopeless, but I would urge them to try renegotiate the terms with their existing lender if possible. In some instances lenders are reducing penalty and exit charges and in some cases they have reportedly even paid borrowers to go elsewhere. If direct action with your mortgage lender fails find a reputatable broker and see what can be done. Even in the current market there are lenders who will listen if the loan to value and circumstances are right. Consumers can obtain more information about mortgages and property, including free tools, calculators, property values and information from the following link http://www.obligo.co.uk/ Obligo limited Publishing Guidelines Permission is granted to publish all or part this article electronically in free-only publications, like websites or e-zines, commercial or non-commercial (print requires a permission) as long as the resource box is included without any modification. All links must be active. A courtesy copy is requested on publication to [email protected]. Article Title: Choosing the right property lawyer. Authors URL: http://www.obligo.co.uk/ Author Name: Chris Gardner Contact email: [email protected] Author Blog: http://www.obligo.co.uk/blog Resource Box must be included About obligo Obligo is a new mortgage business based around a revolutionary concept that will provide consumers with tools and information about UK mortgages, whilst retaining a human aspect to case underwriting and application management.Obligo intends to change the way UK consumers approach mortgages. Obligo is a unique collaboration of information and resources from both the UK mortgage and property markets.Features that have recently only been available through websites and entities are collectively presented to the consumer in a simple, easy and effective manner. Real-time house price information, automated property valuations (AVM), consumer guides,market analysis and expert market commentary is available together with industry leading mortgage calculators and application tracking systems.Obligo Ltd is a privately held company with a highly experienced and proven management team with proven track records in start-up aquisitions and sales in the mortgage and other sectors.The founders have set a course in the changing world of financial services to deliver transparency and efficiency to the UK mortgage market . for more information email [email protected]
Collapsed,lenders,leave,thousa