As mortgage payments go higher, consumers are struggling to make their motor loan payments. Experts are encouraging consumers to keep trying to make their monthly motor loan payments by refinancing high rate mortgages if at all possible. This should free up enough funds to make motor loan payments a lot easier. However, for those in a real bind, there are few options available and for thousands facing losing their cars, this advice comes too late.
Francis Ghiloni, business development director of the mortgage advice website Mform.co.uk said: ‘Borrowers should do as much as possible to make their mortgage payments affordable. It is far better to do something such as extending the mortgage term or even moving part of the loan to an interest-only basis than just putting your head in the sand and hoping for the best.
‘Fixed-rates spiked in June so the repricing we are seeing now are easing rates down to the level prior that spike,’ said David Hollingworth, director of communications for mortgage brokers London & Country. ‘Nationwide only repriced a week or so ago, we are starting to see lenders getting back on track managing how much business they do.’
Related reading: Motor Loans
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