UK Landlord Forum / Life

Hmmm....this is a first...

Quote
Desperate lenders offer £25,000 to take your mortgage away to a rival bank in bid to balance debt.

Struggling mortgage firms are so desperate to offload borrowers that they are offering to write off a sizeable chunk of customers' home loans if they move to a rival bank.

In some cases, tens of thousands of pounds are being paid off to give customers a better chance of finding an alternative lender willing to take them on.

The offer is being made by some of Britain's biggest mortgage firms who are willing to take a hit of as much as £25,000 to get the loans off their balance sheets to see them through the credit crunch.

Who are getting these offers? Well, obviously, borrowers whose home equity has been wiped out by falling house prices, making them an unattractive proposition for other lenders.

Kind of unfair on us in positive equity. And I mean that.

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Good post but before taking any decision I would like you to suggest that consult advisor.