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. 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 will pay all legal costs and no estate agents fees will
be charged for the quick purchase of your property.