The Long Financial Winter - Protect Your Home
This time of year is always financially hard for families who
may have over spent between Christmas and the New Year. Last
year house repossessions in the 1st half of the year were 33%
higher than at the end of the year. The Council of Mortgage
Lenders stated that "The number of properties taken into
possession rose from 3070 in the second half of 2004 to 4640 at
the start of 2005"
Don't fall into the trap of taking out credit to avoid mortgage
arrears
Many home owners with debt problems are lured by attractive
short term 0% balance transfer rates on new credit cards as a
solution to their debt problems. Jennifer Brumby from the
Newcastle branch of the CCS (Consumer Credit Counselling Service
) said, "People are now taking out credit to pay off their
credit. But when you get that far into debt, you are really on a
slippery slope. People will take out a loan to pay off their
credit card and then find they haven't got enough money to
survive on so they start running up their credit card bill again
and the whole cycle starts over."
For most families their house is the largest purchase decision
that they ever make and while the UK property market can provide
an excellent long term investment opportunity, if a household is
experiencing debt problems, especially mortgage arrears it is
vital to address the problem before the threat of house
repossession becomes a reality.
A quick property sale can provide an alternative to repossession
of you home
If your mortgage is in arrears for more than a few months, your
mortgage provider will usually take legal action to gain
possession of the property. House repossession enables the
lender to recoup the outstanding mortgage, arrears and
redemption fees (where applicable) in full. In addition they
will charge legal costs and court costs which can add up to
several thousand pounds. Your credit rating will be badly
affected following a house repossession, making obtaining credit
in future - and in particular, another mortgage - much more
difficult. For many people however, the worst aspect of
repossession is the upheaval caused by having to find somewhere
else to live at short notice, particularly when they have
children settled at local schools.
So if your family spending has been overstretched and your home
is under threat it makes a lot of sense to consider a company
such as They will offer a quick house sale to any homeowner in
the UK. They will guarantee to complete the purchase within 10
working days and you can even continue to live in your home for
up to 6 months whilst finding a new property, or rent back the
property until you are financially back on your feet. They can
sometimes also offer a buy-back option to enable you to
repurchase the property at a future date, at a pre-agreed price.
Many people struggle to understand how A Quick Sale makes money
- this is explained better on A Quick Sale's FAQ page ( http://www.a-quick-sa
le.co.uk/FAQ.html ).
Struggling to sell your property after several months on the
market and facing the financial threat of a bridging loan
The other time when considering having a specialist company buy
your house may be appropriate is when you are moving up the
property ladder and have bought your next home ahead of selling
your current house. Many people who buy their homes in autumn
find that the housing market is less buoyant for sellers as
winter approaches. For this reason a quick house sell can
provide a hassle free solution to the stress of being stuck
trying to get an offer. Best of all A Quick Sale ( http://www.a-qui
ck-sale.co.uk/benefits.html ) will pay all legal costs and
no estate agents fees will be charged for the quick purchase of
your property.