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The Long Financial Winter – Protect Your Home
By: Mr Hanna iSnare Expert Author [See Author’s Biography]
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-sale.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-quick-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.
About the Author:
Michael Hanna About Michael Michael is a keen writer, and internet marketer
living in Scotland: Contact details: E-mail: samqam@googlemail.com Phone: 0131
561 2251 Michael's Website: Belfast |
