Implications of Brexit on the housing market and your Mortgage agreement
The looming prospect of Brexit has cast uncertainty over all walks of life, the housing market and your mortgage agreement are not exempt from this. If you are selling your home, uncertainty in the economy has the potential to make buyers nervous, especially with many experts predicting housing prices to plummet in the next few months. The Bank of England has set out an extreme “hard Brexit” scenario that involves spiralling interest rates and house prices fall of up to 35% over 3 years. This has resulted in 5-year fixed rate mortgage deals overtaking 2-year options as thousands of homeowners are becoming increasingly worried about the economy and therefore are eager to lock in lower interest rates.
Now more than ever this highlights the importance of ensuring that you are fully prepared for the economic uncertainty that lies ahead. More and more households are very keen to bring certainty to their mortgage payments. Interest rates have risen and will continue to rise therefore it is very important that you plan ahead to ensure that your mortgage payments remain affordable.
What should I do?
It is crucial you fully understand your mortgage arrangement so that you have a clear understanding when your deal is coming to an end. Not having enough income to cover an increase in your mortgage can have serious consequences.
We at GDP Equity Experts, can’t stress enough the importance of staying on top of your mortgage payments. Cut backs to other items of expenditure may be necessary therefore it is vital that you ensure that savings can be made in other areas if required.
Far too often people ignore or try and pretend these problems don’t exist. Please be warned that these type of issues are far too serious to ignore. The implications of having an expensive mortgage rate can be as catastrophic as losing your home.
What we can do to help?
Since 2010, GDP Equity Experts have helped hundreds of families, individuals and businesses deal with debt related issues. We have been leading the way in this regulated area over the last 8 years and have particular expertise in helping people deal with crippling debt related issues.
This debt has included various debt related areas such as loan sales to Private Equity Firms, debt shortfalls following the sale of a property and general unsecured debt such as credit cards and loans.
We would like the opportunity to share this with you. As a result, our team are more than ready to engage and assist if you have been affected by this or you have any other property debt related issues.
GDP Equity Experts know what is expected and how to get you to where you want to go. We WANT to hear from you today because we WANT to help you today.