Remortgage Can Keep You Out of Repossession
Remortgaging can be a means to avoiding repossession. In the current economic climate the number of homes being repossessed are staggering. In the first quarter of 2010, there were 18,504 claims registered for repossession of homes.
Economists have announced slow economic growth for several more years so things won’t be getting better any time soon. For those homeowners finding themselves getting further and further behind they should consider a remortgage. A remortgage could help a homeowner obtain a monthly mortgage payment that was more favorable. A remortgage could also free up cash that could be used to consolidate debt. Relieving financial pressure in other areas could help a family afford a monthly mortgage payment without getting into repossession trouble. With interest rates low, and while equity growth is still a part of the homeowner’s most recent past, it is a good time to remortgage. If the homeowner is close to repossession then it might not only be a good time to remortgage, but THE time to remortgage.