Mortgage Prisoners
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This can happen in a variety of situations, such as when a borrower’s income has decreased or when a mortgage lender is no longer able to offer new mortgages. Mortgage prisoners are often unable to take advantage of lower interest rates or better mortgage terms, which can lead to them paying more than they should for their mortgage.
In some cases, mortgage prisoners may also be trapped in their current mortgage because they owe more on their mortgage than their property is worth, which can make it difficult to refinance or switch to a new lender.
If you are a mortgage prisoner, it’s important to seek professional advice from a mortgage broker or financial advisor who can help you to understand your options and find a way to switch to a more affordable mortgage.
Contact us today to speak to one of our advisers and take the first step towards finding the right mortgage for you.
