Debt charity sounds alarm after £93m worth of moment mortgages were taken out in March
The number of people opting to saddle themselves with a moment mortgage has leapt to its highest level since 2008,according to new industry data that has alarmed debt charities.
During March, £93m of moment charge mortgages were taken out – up 22% on the preceding month. The figures present that growing numbers of homeowners are deciding to cash in on the equity in their property by taking out a moment mortgage to raise money for a variety of reasons, and including financing a home extension,funding a deposit for a son or daughter buying their first home, or even paying a tax bill.
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Source: theguardian.com