Home Repossessions - How to Avoid Repossession
Over the past few years of increasing house prices, affordability has become a big problem for many people. To enter the property market, people are increasingly stretching themselves financially, leaving them highly sensitive to interest rate changes.Those on fixed rate mortgages are obviously not affected until their current agreement comes to an end – if interest rates have risen, securing a favourable deal will not be easy.
Being exposed to higher interest rates is one of the key reasons that people struggle to pay their mortgage. Other reasons include redundancy, ill health and relationship breakdowns.
Last year, over 17,000 homes were repossessed (source: Council of Mortgage Lenders), a five-year high. The council forecasts that these levels will increase in 2007.
If you are having problems paying your mortgage, are in arrears or your lender has already begun repossession proceedings the surest way to resolve the issue is to sell your property to clear the mortgage so that you can move somewhere more affordable.
Contact Quick Move Now who can purchase your property fast! Without the usual delays, uncertainty and costs of marketing/selling.
For more information, see our Home Repossession page.
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