As more Britons become worried about losing their homes, many are seeking mortgage advice before it is too late. The Citizens Advice Bureau noted that they have had an increase of 35% in those seeking mortgage advice on fixed and variable rates as well as refinancing options.
Teresa Perchard, CAB director of policy, said “It is a worrying trend that our bureaux are reporting very sharp increases in the number of mortgage arrears problems they are dealing with. The combination of big increases in household bills, especially fuel, and rising housing costs is putting additional pressure on people’s finances when they are already stretched to the limit.”
Experian Credit Agency stated, “The flat, almost negligible, growth in credit card balances suggests that consumers themselves have also taken a more responsible approach to borrowing.”
The combined rising costs of living, the decline in property values and nervous banks have all be credited with the reasons behind consumers seeking more mortgage advice. Suddenly, many people are becoming aware at just how bad the situation may be and they are trying to take quick action, a move which experts agree is the best step these consumers can take.
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