Published Date:
09 September 2007
Mortgage costs are still edging higher despite the Bank of England's attempts to calm markets by leaving underlying borrowing costs on hold.
The credit crunch is pushing up money market rates, which will squeeze fixed rate and discounted deals.
However, borrowers have been warned that if they do fall behind with repayments, they will see their debts escalate as they get hit with eye-watering charges.
Moneysupermarket.com says that if your mortgage cheque or direct debit bounces, Halifax and BM Solutions will charge you £35, C&G £31, Northern Rock and GMAC £30, and Coventry £20. Thereafter the Halifax charges £35 for every letter or telephone call and £100 for debt counselling.
Others add fees for however many months you are in arrears, from £10 at C&G for the first month, £30 for the second month and £30 for the third. GMAC charges £50 monthly.
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Last Updated:
08 September 2007 12:30 PM
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Source:
Scotland On Sunday
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Location:
Scotland
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Related Topics:
Interest rates
