Michael Knight’s Blog

In my constant quest to offer the broadest range of services for my clients, I am pleased to announce that yesterday I passed my Certificate in Regulated Equity Release with a merit. This means I will be able to give advice on this very complex area in the New Year.

The web site is under construction and will be launched in January 2009.

Watch this space!!

Gordon Brown announced today a plan which will enable those people who suffer unemployment or significant drop in income due to the credit crunch to defer some or all interest on their mortgage for up to 2 years.

The key point is the interest is DEFERRED. At the end of the 2 years, if you have been deferring £500 per month, you will owe an aditional £12,000.

With house prices still on the way down, is this a good idea? More people will have negative equity thus limiting future movement.

On the surface, this looks like a sympathetic move by the Government. You have to ask whether it is as it will be pushing people further into debt.

Perhaps the better option would be to come to an arrangment with creditors whereby debt is written off at a reduced rate e.g. a debt managment solution.

If you want to talk about this development, call me straight away and I can see if it could be of help to you. Call on 0845 0291962 or email at mike@bartonmortgageservices.com