MoneyWeek article - mortgage borrowers with mortgages expiring before the general election

Borrowers on SVRs paying between 8% and 10% are already beyond panic. In fact, they seem punch drunk in some cases. Any respite they get is welcomed with open arms, usually this is due to their personal circumstances preventing them from having moved their mortgage already. Those who have been pro-active and started looking prior to their current deals ending are tip-toeing around seemingly a little lost, really needing a hand hold thoughout the process. Truth be told, many advisers would say it’s a coin toss as to what will happen next with rates. Simply get the best product available and hunker down, as turmoil ends as sure as it starts. Those struggling to meet payments and lucky enough to be with a lender who subscribes to the mortgage charter are taking advantage of its benefits. I feel membership should be mandatory for lenders. For borrowers already on interest only, perhaps a complete payment break could be allowed, not just for those who have previously overpaid.

Public sentiment with this election is with the people that I am speaking to is lack of trust on both parties. This result of the election is going to be the least worst not the best person for the job in my opinion. Most borrowers whose product ends on or bvefore 4th July should have done something by now- if not they are cutting it fine! Majority now have accepted their payments will increase and can absorb the rise however there will be some that will struggle. In the first instance they should speak to a broker and seek some solid advice as there is support like the Mortgage Charter that can be called upon.