Quick Move Now Can Reduce Your Financial Burden
The issues surrounding people reaching the end of their fixed interest rate mortgages has been in the news for months, sources suggest that over a million deals will end this year.We are finding these statistics are now turning into reality with many more clients approaching us who are experiencing difficulties with increasing payments.
A typical recent example was a couple in South Wales who had invested in a single buy to let property. They had a fixed rate mortgage upon which they were paying £400 a month-the rental they received just covered this amount. Their fixed rate ended in January and they now have to pay £570-an increase of £170 which the rental income just won’t cover. They are desperately shopping around but just can’t find a new deal anywhere close to original deal and they just can’t afford to contribute to the rental mortgage.
Unfortunately their options are limited. It isn’t possible to increase rent and selling on the open market in the current poor conditions is unlikely to be fruitful or quick, especially with a tenant living at the property. So they are left to struggle on financially until lending becomes more affordable or the market improves, both of which are probably a long way off.
Quick Move can provide another option to people in this or similar situations as we buy property quickly which can allow the mortgage to be cleared and the financial burden reduced.
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