Homeowners turn to loans to pay mortgages
July 4, 2008 on 1:58 pm | In News |Increasing numbers of hard-pressed homeowners and tenants are turning to personal loans and credit cards to fund their housing costs.
Lauren Thompson, The Times - 3 July 08
More than 4 million households have taken out a personal loan or credit card to cover their mortgage or rental costs in the past year, according to a survey by comparison service Moneysupermarket.com.
Tim Moss, head of loans and debt at Moneysupermarket.com, said: “It’s a very serious situation when you have people turning to a short-term solution to fund a long-term product.
“Taking out a loan specifically for a mortgage goes against lenders’ rules. To be funding your mortgage repayments with a credit card that will charge you interest of over 15 per cent is not the solution in the long term.” full article
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