Mortgages and Bad Debts

Interest rates have gone up. Some say that Banks just lend money to people who would find it difficult to make repayments when the interest rates increase. I hope that’s not true.

When interest rates do go up bad debts are the results and it’s a nightmare to home owners when the bank comes to claim their homes as collateral. In cases like this, it is wise to have a mortgage protection plan . Basically, this is like an insurance to unforseen circumstances like loss of job, an accident, or anything that can Banks have been accused of lending money too easliy to people who would find it difficult to make the repayments if interest rates increase.

Also, It’s pretty common to see people take up remortgages or refinancing after a few years to squeeze out some value from the interest rate. It’s like playing chess. Plan well ahead and don’t over-stretch yourself and everything should be alright.

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