Mortgage Defaults Lessen In Q2
The Bank of England has reported that mortgage holders are defaulting less than expected. The default rate is predicted to stay unchanged in the third quarter of 2010. However, if the economic outlook worsens this would change.
The survey also reported there are more available mortgage funds than three months ago. This is expected to decline in the next quarter. The number of those seeking remortgage has fallen. It is believed that many have already remortgaged or are not qualified to do so. Lenders have been trying to lure those that could qualify but have not obtained remortgage before rates increase. While there are lenders looking for borrowers it is a good time to seek remortgage advice. Rates are expected to rise should inflation stay steady after the effects of budget cuts are truly felt.