With higher interest rates and the effects of the credit crunch, homeowners face a greater risk of repossession than they behave been since the 1990s.
According to the Royal Institution of Chartered Surveyors (RICS), around 45,000 homes will be repossessed in the coming year – this equates to 123 repossessions every day.
This represents a 50% increase on the repossession rate in 2007.
Among the reasons given is the willingness of mortgage lenders to grant home loans to buyers who lack the means to keep up payments. To make matters worse, the credit crunch has meant that lenders will have to impose stricter terms on the credit they give out, which will make it harder for homeowners to shop around for more favourable mortgage deals.
This is a major problem for borrowers whose fixed rate mortgage deals are due to end this year. There are estimated to be around 1.4m homeowners in this category and many will struggle to keep up with more expensive monthly payments as they will find it harder to renegotiate their deals.
If you find yourself struggling to keep up with monthly mortgage payments and are faced with the threat of repossession, then it worth considering the options offered by Molae Properties. To stop repossession, Molae can buy your house quickly, which will provide you with the money to pay off your mortgage and start again.
The sell and rent back solution could even enable you to remain in your house and avoid the hassle of moving away from family and friends.