Will potential mortgage shocks mean more people rent in London?

Will potential mortgage shocks mean more people rent in London?Perhaps looking for property to rent in the in London borough of Bromley will become more popular after a specialist on financial matters indicated that those currently paying off mortgage may be faced with unfortunate surprises.

Mary Graham, regional manager for the Consumer Financial Education Body (CFEB), stressed that anyone with a home loan should put themselves in control of their own affairs so they do not get any "nasty shocks".

She said that more than half of property owners in the UK expect interest rates to rise over the next few months, but around 75 per cent are unaware of the potential impact an increase would have on their mortgage.

As a result, some people will have no idea how much extra money they will need in order to cover repayments, something that may encourage potential purchasers to look at property to rent in the London borough of Bromley.

Her comments follow the release of figures by the CFEB last week that showed almost one in ten homeowners do not how they are spending on their mortgages each month.

By Chris Price

Published 12th July, 2010

© 2010 Estates IT Limited

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More people might consider looking for property to rent in the London borough of Bromley as one expert suggests mortgage holders may need to be more savvy in order to avoid shocks.

Will potential mortgage shocks mean more people rent in London?

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