The secured loans provider has highlighted a real problem for adverse borrowers as predictions see the non-conforming market closing even tighter in around them.
With many borrowers coming off existing deals as we enter into the New Year, SLS believes few will want to lend to to them.
David Burrows of SLS warned: “Borrowers must take responsibility for their financial position and cut their cloth accordingly. The remortgage solution will not be available to this group. If they have not thought about it already they must start now and take decisive action.”
“Brokers and financial advisers have a key role to play in helping borrowers to face up to the changing face of the mortgage market in 2008. They are able to take stock of the facts rather than being torn by emotions. They should also benefit from the new mortgage as and when sensible borrowers downsize.”
