Credit Crunching the Housing Market
by: Stebee
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As the credit crunch continues to take hold of Britain’s financial markets, an increasing number of homeowners in the UK are finding themselves facing repossession from their homes.
More than 27,000 homes were repossessed in 2007 and the figure looks set to rise further in 2008 as credit markets come to a standstill and the rising cost of living puts additional strains on family finances.
In addition to the increased cost of living, it’s believed that many homeowners could face a rise of up to 40% in their monthly mortgage repayments, with an estimated 800,000 people set to see their fixed-rate deal come to an end within the next 12 months.
The collapse in credit markets, which has seen almost all high-street lenders withdraw all, if not most, high loan-to-value mortgages as well as an overall drop in house prices in recent months, means that homeowners coming to the end of their fixed rate deal will have difficulty finding a better deal than their current lenders standard variable rate – which could be as high as 7.5%.
For many, such a considerable increase in mortgage repayments will inevitably lead to arrears and the threat of repossession and seemingly limited options to help ease the pressure of mortgage repayments and the threat of repossession.
Although lenders tend use repossession as a last resort, many homeowners facing the threat of the bailiffs find themselves in an almost impossible position, with mounting arrears which they just cannot make back.
But even in this position, it is possible to stop repossession and in many cases, continue living in your current home.
Swift Capital have a range of plans which can provide a solution to stop repossession proceedings by buying your home for cash, even if an eviction is just hours away, preventing a repossession from taking place, credit black listing and entry to the repossession registry.
Swift Capital can act fast to ensure that any pending repossession is stopped. Rather than selling your home on the open market, Swift Capital guarantee to purchase your property with existing capital – eliminating the need for finance arrangements.
As part of the arrangement, you will even be given the option of renting back your property for as long as you choose.
About the Author
Swift Capital’s team of experts are well aware of how stressful and distressing mounting arrears and the threat of eviction can be, which is why they can offer sympathetic yet expert advice on your current situation.
For a free, no obligation consultation, call 0800 035 0202 or visit www.swiftcapital.co.uk.
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