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Loans That Can Place Your Home At Risk

Thu, 12 Oct 2006
House prices have trebled in the last ten years that is for sure, yet debt has swamped Britain which means that negative equity has not gone away.

Many new lenders are offering loans secured on people's homes . These loans are on top of exisiting mortgages and enable people to borrow upto 140% of their property value.

Picture Financial, one such firm, told the Financial Mail that it is signing up 1,200 borrowers per month lending them upto 125% of their property value. They consider that they are helping people reduce the cost of their credit

Abbey is the latest bank to state that it is experiencing more bad debts .

The Citizens Advice Bureau handled 1.25m debt problems in 2005, stating that a million homeowners missed a mortgage payment over the last 12 months.
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