Mortgage holders are urged to act promptly as experts warn of the looming threat of becoming mortgage prisoners due to delayed refinancing.
As interest rates continue to fluctuate and the property market remains unpredictable, homeowners who postpone refinancing their mortgages may find themselves in a financial predicament.
The term “mortgage prisoner” refers to individuals who are unable to switch to a better mortgage deal due to various constraints, such as tighter lending criteria or changes in their financial circumstances.
By procrastinating on refinancing decisions, borrowers may risk being locked into higher interest rates and less favorable terms.
Financial advisors emphasise the importance of staying vigilant and regularly reviewing mortgage options. Delaying refinancing could lead to a situation where homeowners are paying more than necessary, struggling to make ends meet, or even facing potential repossession threats. #featured
