Smarter Finances - Credit Cards, Loans, Mortgages, Investments » Mortgages http://www.smarter-finances.com Sun, 21 Mar 2010 21:35:17 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Redstone Mortgages http://www.smarter-finances.com/redstone-mortgages/ http://www.smarter-finances.com/redstone-mortgages/#comments Fri, 04 Jul 2008 09:01:32 +0000 drew http://www.smarter-finances.com/?p=55 Yet Another Related Posts Plugin.]]> Redstone Mortgages PLC are a known sub prime lender, they often lend money to people with poor credit ratings, they are typically known as sub prime lenders.
In the current economic climate taking out a mortgage with a sub prime lender will be seen as madness by some. Others understand the need to enter the property market and get a foot on the ladder, but at what cost.

Whilst renting can be seen as dead money taking out loans with lenders who charge high interest rates is a risky move. With the interest rate rises of late 2007 many mortgage companies increased their rates to follow, some companies increased the rates higher than the Bank of England. As the BOE cut the rates the mortgages companies did not follow, many people were left facing hikes in their monthly repayments, home owners that had stretched their budgets to the limit are now finding life difficult, subsequently many homes are being repossessed. Companies such as Redstone Mortgages are far less forgiving when homeowners default on mortgages.

Before taking out a mortgage with any lender the best piece of advice i recommend is not to extend yourself, if you’re are currently renting a property sit it out, i think things will get worse before they get better.

The above text is not professional advice , just my take on the current housing situation.

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