One concern is a quickening in the pace of repossessions, which as an industry we have seen steadily increasing over the last couple of years. Recently published research by Moore & Blatch shows that lenders believe that a rise in interest rates is the second biggest cause of repossession, after excessive borrowing from other sources, and a further rise in rates will soon start to bite.
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As brokers this creates opportunities; there will be an increase in remortgaging as many apathetic borrowers suddenly wake up to the fact that their mortgage is uncompetitive. The only potential problem for brokers, being the fact that by the time the customer comes to the broker, they may already be in financial difficulties and credit scoring may be an issue.
Dale Jannels
Sales and Marketing Director
