Archive for the ‘News’ Category

310 Repossession Orders Issued in the Second Quarter of the Year

Tuesday, August 23rd, 2011

According to an article published by the kentnews.co.uk 310 mortgage possession orders were issued from April to June this year. As per the forecasts, repossession rate might increase in the second half of the year. Are you secured?

If you are a homeowner and have mortgage debt, you have to ask this question to you? Thousands of homes have been repossessed over past couple of years. Situation is not different in Reading. If you want to stop repossession in Reading, you have to take a suitable step before it is really late.

There are several ways of stopping repossession. As soon as you feel that your house might be repossessed, talk to your lender. They might offer you an easier repayment plan. Remember your lender is also against repossession; it is the last resort for them. A lender does not prefer repossession because of the following reasons:

  1. It is a complicated process
  2. It is a lengthy process
  3. When house price is low, they will not get enough money to cover the outstanding debt

That is the reason they try to help the borrowers by offering simple payment terms so that they can pay it off. When you inform your lender that you are expecting a financial hardship and you might miss instalments, they will review your financial status and offer a suitable scheme.

When the situation is so grave that no rescue programme seems to be helpful, it is recommended to sell the house for quick cash and avoid repossession. Repossession is a scar on your credit history. By selling house fast you can get a lump sum amount in hand; clear the outstanding debt with this money, stop repossession and save your credit.

Repossession Rate is Likely to Go Down

Thursday, April 28th, 2011

According to a recent article published by The Belfast Telegraph cash for homes sales touched a record number in January. The report says “A record 40% of homes that changed hands across the UK in January were bought by cash buyers.” This is a good sign; troubled homeowners at least have realised that selling house to those who do not need mortgage is easier than selling house on the open market. Sooner others understand this fact the better.

It does not mean that you cannot sell house quickly on the open market; of course you can. But you will need a luck factor – you never know how long it will take to get in touch with the right buyer who would agree to buy your house and would qualify for mortgage as well. But if you work with cash buyers, rest assured that you would be able to sell the house in 7 to 10 days.

According to the report 40% of the properties sold in January were sold to the cash buyers. It means financially distressed homeowners have started recognising the benefits of working with cash buyers. People have realised how cash buyers can help to stop repossession in UK. The rate of repossession will definitely go down in near future.

There are two types of buyers who offer cash transaction – investors who purchase properties for the sake of investment and senior citizens who have cleared their mortgage and are now planning to move a small house simply for the sake of downsizing. If your house is a small one you can target the second group also. And you can contact professional property buyers any time.

To make things faster, you should look for local buyers. If you are trying to stop property repossession in Swindon look for active property buyers in Swindon area. They can offer you a quicker and smoother service.

If more people decide to work with cash buyers, like you, repossession rate would go down certainly.

Mortgage approval rate remains subdued – Now what!

Wednesday, January 19th, 2011

Hometrack, leading property intelligence service provider in UK has revealed that mortgage approval rate will remain low in 2011. Hence it is clear that home buyers will be facing a challenging situation to get mortgages this year. This will definitely have an impact on the property market.

According to the stats 100,000 fewer mortgages are going to be approved in 2011 than the previous year. Strict mortgage criteria, unstable job market and fear of repossession have kept property market down. If the mortgage approval rate falls further, the situation won’t improve much in near future.

The property market is not in a good condition now and such forecasts would make the situation more uncertain. Already there are more sellers in the market than buyers; if mortgage approval rate goes down the situation will remain same, if not worse.

Distressed homeowners who are trying to sell their properties in the open market would find it more difficult to get a buyer. Instances of delays and broken chain will continue in the coming year leaving sellers in a helpless condition.

And there is no solution to this problem as this is not an isolated issue. You cannot change the policies. You cannot blame the estate agents for not being able to get you a buyer because it is not in their hands at all. Even if they connect you with a buyer and the buyer agrees to purchase your home, there is no guarantee whether the buyer would be able to get mortgage.

The only feasible and realistic solution is to contact the cash buyers who are ready to purchase your properties by paying instant cash. Property buyers are investors; they do not rely on mortgage to purchase any property. No matter whether banks will grant lesser number of mortgages or introduce stricter criteria, cash home buyers can always offer you a quick deal in 7 to 10 days.

In case of immediate financial crisis or to get property repossession help, contact cash property buyers in your area.