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Opus warns of bleak Christmas

Opus Mortgage warns that thousands of consumers in the UK face the prospect of a bleak Christmas and New Year as the equity in their homes is eaten away by personal debts spiralling out of control.

Alarming evidence collated from the mortgage and secured loan applications of 2,000 consumers in the UK reveals that 20% of people that have requested a remortgage or secured loan in the last six months have a history of being serial debt consolidators.

Lockhart Bruce, director of finance and marketing at Glasgow-based Opus, says: “The number of people who are seemingly trapped into taking out new debt consolidation deals every six months or so because they are not addressing their long-term debt problems has to be a cause for concern.

“The fact that as many as two out of 10 people are not able to sort out their debt problems first time round suggests that they are not getting appropriate advice – or they are not being honest when it comes to addressing the level of their indebtedness.”

“The key to obtaining the best possible deal is to be honest with an adviser or lender – and to give a sober assessment of your financial circumstances. It is not a good idea to hide debt. By doing so, consumers run the real risk of storing up future problems for themselves and having to eat away at their most precious asset – their home.”

Bruce urges people who are looking to consolidate their debts in the build up to Christmas to shop around and choose the deal that is most appropriate to their long-term financial circumstances.


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LSM to launch range of mortgage deals

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