HOMEOWNERS ARE PUSHED CLOSER EVEN TO REPOSSESSION AS RATES CONTINUE TO INCREASE
Mortgage rates are increasing steadily despite the Bank of England cutting interest rates. The average standard variable rate is 7.11% and the average fixed rate mortgage rate is currently 6.66% whil,st the Bank of England base rate now stands at 5%.
Only 1/3 of UK mortgage lenders have passed on these recent rate reductions. With the nationalised bank, Northern Rock with one of the highest standard variable rate at 7.49%, have so far failed to pass on the rate cuts to their borrowers.
This comes are some high street banks will only lend to borrowers who have a minimum of 25% deposit.
This effectively pushes buyers on the first rungs of the property ladder out of the re-mortgage market. This has two consequences, firstly, unless they have a portable mortgage they will find themselves unable to relocated, and secondly anyone who finds the higher mortgage rates unaffordable will be unable to downsize as their ability to find a mortgage with a large deposit will be greatly reduced.
This is a double blow for many first and second time buyers as they find themselves unable to meet their increasing mortgage payments yet are unable to downsize as they do not have any mortgage deals available to them.
It is estimated that the average home is loosing £45 per day. This being the case, anyone who is at risk of having the home repossessed should think seriously about selling their home quickly where they have more control over the sale and
Repossession-Stoppers.com is a national company which specialise in stopping a repossession at any stage of the process. They can buy your in 24 hours, which will instantly put a stop to the repossession. They can deal directly with the solicitors and mortgage lenders to ensure a very swift sale and minimises the pressure on the homeowners.
Chloe Gray, 48, Repossession-Stoppers.com “85% of the offers we make on property are accepted by the homeowners, this fact alone clearly shows that the offers we make are among the very best in the cash sale market. We are just happy we are able to help people avoid being repossessed and if that puts some cash in their pocket to help them start a fresh then that is a result”
“We have a 100% track record with stopping all the repossessions we are involved with. Whether you have 11 weeks, or 11 hours, you can trust our dedicated team will work around the clock to secure the sale on your behalf – that kind of reliability is hard to beat!”
