Whether via the media (newspapers, television, radio, blogs etc) or casual conversation over afternoon coffee, a favourite subject revolves anything around money, especially the lack of it.

Many people who borrow money, not just homeowners are finding that paying off their mortgages are a huge burden.

The increase in living costs is a factor, but are banks to blame for making it too easy for any Tom, Dick and Harry to get their loan applications approved?

Well, to me, to ensure their survival, banks need the money, and getting it from offering mortgages is one way. Making it too difficult = less money = more money to competitors = not good for business.

Having said that, of course customers would also have to do their part. Before deciding on a bank, they have to do their homework, which is to compare mortgages, to settle on one which is the best for their needs and their current situation. While they’re at it, it’s important to get mortgage protection, to ensure the house stays in case the person paying off the loan is unable to do so at any time in the future.

Another point to be considered when shorlisting banks is to see whether they have an experienced remortgage advisor. This is important when you need things like poor credit remortgage and hit snags like having no proof of income.

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