According to a recent study, repayment rates on sub prime mortgages have soared by 2.55 per cent. Those borrowers with sub-prime loans now face significant repayment shock as they come off their mortgage deals .
This type of mortgage loan, pitched at customers with weak credit history, often cushioned the repayments briefly with a fixed-rate deal. Many homeowners looking to remortgage now face a vast hike in repayments.
However, not all sub-prime borrowers are having a hard time. David Hollingworth of London and Country Mortgages, was reported as commenting: "If you used one to get over a one-off blip and you've got yourself back on track over the last two or three years, you should be able to approach the standard mortgage market as long as you have the equity on your house . However, there are people who have used sub-prime mortgages to just continually recycle their debt . For these people, this could be the end of the line and they could be facing repossession ."
Mortgage payments for sub-prime borrowers to soar
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Mortgage payments for sub-prime borrowers to soar
Fri, 29 Aug 2008
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