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Predict and avoid payment shock
AN INDEPENDENT mortgage broker is advising homeowners how to avoid being at risk of payment shock'.
Llewellyn Pennant from the mortgage group Your
Mortgages 1st, believes an increased number of mortgage
payers are falling victim to what is known in the industry as payment shock.
Payment shock occurs when people come off their mortgage rate, be it fixed, flexible or tracker, and are automatically put onto their lender's standard variable rate resulting in a
dramatic jump in their monthly repayments.
Llewellyn advises homeowners take preventative action well before they know their mortgage agreement is about to end.
She said: "I suggest homeowners consult an independent mortgage advisor, who will have an impartial view of the
current market and will be able to help you find the best
mortgage deal to suit your circumstances and pocket.
"If you've a good track record of making your payments on time, then you are exactly the sort of customer they want. So seek help now and keep your finances in the pink."
For more advice and information, call 020 8461 0809.
12:26pm Monday 12th May 2008
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