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Remortgage & Bad Credit Remortgage as Mortgage Rates Go up

As UK interest rates swell to 5.5%, they highest they have been in more than six years, there's been a lot of concern about the millions that own homes that could now become over budget and may have to remortgage to handle the pressures of their monthly payments.

Experian's experts suggest that increased debt could easily rise in this climate, as payment pressures increase and customers find themselves strained financially, which leads to possible increases in IVAs and mortgage repossession as families begin falling into arrears on secured mortgage loans.

The Council of Mortgage Lenders believes that just a 0.25% rise in mortgage rates would force the capital mortgage repayments on a loan of 140,000 pounds with term of 25 years at 5.48% up by as much as 21 pounds per month and interest-only repayments on the same mortgage loan up 29 pounds a month.

It's clear that increasing interest rates will increase financial demand on borrowers affordability and could potentially force some into mortgage arrears as they battle to manage their debts and credit responsibilities every month.

Enable Finance specialises in helping homeowners in these types of situations and have a bad credit remortgage if in fact they have fallen overdue with mortgage repayments or have picked up a Default or county court judgement.

Enable Finance Ltd. provides for those whose credit is outside standard lending criteria - for example; adverse credit; self cert mortgage; irregular patterns of income and court judgments. Enable Finance is authorised and regulated by the FSA (or the Financial Services Authority). It is a member of the FISA, or the Finance Industry Standards Association and the National Association of Commercial Finance Brokers.