The number of homes seized by lenders jumped by 48% in the first half of this year as borrowers, squeezed by the credit crunch and rising mortgage costs, defaulted at levels not seen since the early 1990s property crash. Reported on Guardian online.
The Council of Mortgage Lenders said 18,900 properties were repossessed between January and June which is the highest figure for 12 years.
“Research by Shelter shows 23% of mortgage payers think they would receive prompt state help if they could not pay their mortgage. In reality, because financial help for homeowners in difficulty was cut after the last housing crash, nothing would kick in for nine months, which is too late.”Vince Cable of the Liberal Democrats has been particularly vocal calling for the government to intervene and require a proper code of conduct to be implemented by mortgage lenders to prevent what is becoming a very aggressive use of the courts.There is a Code of Conduct drafted by the Council for Mortgage Lenders but this is not statutory.
To avoid repossession it is vital that borrowers speak with their mortgage provider early before a situation escalates. Plus advice can be obtained from agencies such as the citizens advice bureau. Repossession seriously affects an individuals credit rating and will make it very difficult to purchase a house in the future or obtain any form of credit.
It may be better to sell a house before the immediate need to arises. At least this way you keep control of your own affairs.
Molae Properties are specialists in property cash buying. Our clients situations range from those simply looking for a quick house sale to those who are, relocating or facing repossession. We are able to buy your house quickly. Plus we can offer flexible terms to suit your needs such as delayed completion dates.Visit our testimonials page and the FAQs to see how our service works in practice.
Alternatively please call freephone number 0800 634 5892 to discuss, without obligation.