June 11th, 2010
Last week the Bank of England gave a stark warning that any rise in interest rates would cause more homeowners to face a repossession order as mortgage repayments would become more difficult to make. Thanks to low interest rates, the cost of running a home in the UK has dropped significantly which as kept the number of nationwide repossessions in check.
The reduction in costs over the past two years has seen a 19% drop in annual mortgage payments, with the Bank of England taking interest rates to the all-time low of 0.5% back in March 2009. Its annual Financial Stability Report , the Bank of England noted that mortgage payments have only continued to be affordable in many homes because of the low rates.
Tags: avoid repossession, house repossession, repossession order, stop repossession
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June 9th, 2010
New rules to control the repossession, arrears and sale and rent back market came into play this week with an aim of placing tougher standards on companies offering customer help. The rules come at the same time as plans to make all mortgage advisers accountable for their actions.
The focus of the changes is to crackdown on poorly run sale and rent back companies that target customers who are facing repossession or need cash quickly. Although there are reputable and honest organisations in the market place, there have been numerous complaints of misleading advertising, low valuations and extremely short-term tenancy agreements made regarding some of the others.
Tags: house repossession, repossession, repossession order, sell and rent back
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June 7th, 2010
A new service has been launched by Sedgemoor District Council in conjuction with the Citizens Advice Bureau to help home owners in difficulty avoid repossession and stay in they homes. It’s been named the Repossession Prevention Loan Scheme and is funded throught a Government grant of £38,000 which will be used to give households a small, interest free loan.
To qualify for the loan, householders need to register with the Credit Union and agree to save an agreed amount each month. In return for that commitment, the scheme will agree with the lender to clear some of the outstanding debt so that the owner can remain in their home. It’s a great example of doing something positive, no matter how small, to keep home together.
Tags: avoid repossession, house repossession, repossession order, stop repossession
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June 3rd, 2010
When it comes to car repossession laws, the situation is pretty clear – if you stop paying it can be taken back. Unlike in the US though, a baliff can’t just take the car without a court’s say so. If you’re facing the repossession of your vehicle, check out this article about your options…
Tags: avoid repossession, house repossession, repossession order, sell and rent back
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June 1st, 2010
As part of the cuts to be announced by George Osborne in the budget the Council of Mortgage Lenders (CML) has said that any plans to cut Income Support for Mortgage Interest and Mortgage Rescue (ISMI) will have negative repercussions for struggling home-owners.
The Chancellor is expected to announce in his first Budget speech later this month, that ISMI, which provides support for borrowers in difficulty, including the sell and rent back style mortgage rescue, would be cut due to the deficit. Many think it will be paid at the level of the Bank of England’s average mortgage rate of 3.67% instead of the existing rate of 6.08%.
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May 28th, 2010
If you ever fancied seeing the state of nation from the viewpoint of house repossession figures, then a new interactive map created by the Centre for Responsible Credit is right up your street. Funnily enough it probably has been right up your street to collect data for this comprehensive breakdown of possession order numbers.
The data is provided by the Ministry of Justice, so you know it’s reliable and the Map has already caused quite a stir in the industry as it’s one of the first of it’s kind to give a visual representation of the UK repossession situation. If you fancy taking a look for yourself, you can check it out here…
Tags: avoid repossession, house repossession, repossession order, stop repossession
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May 26th, 2010
Some good news for those analysing the housing market, recent figures released by lenders show that the number UK home repossessions dropped by 7.5% in the first quarter of 2010 agains the same period last year. The total number of houses repossessed also dropped quarter to quarter from 10,600 in the last 3 months of 2009 to 9,800 in the first 3 of 2010.
In addition to this, the Council of Mortgage Lenders (CML) noted that this figure was also lower than the 13,200 for the same period 12 months earlier. Better news then, but why are repossessions down? Analysts put the reduction in repossession orders down to low interest rates and resulting low mortgage repayments.
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May 24th, 2010
You can do your best to avoid repossession of your home simply by availing yourself of the professional help offered by charities and impartial advisory bodies. They are the best to guide you out of a repossession problem and have both an online and in community presence.
Before you do anything though, always talk to your lender, it may be the last thing you want to do but it is definitely the first you should. Talk to the bank to let them know about your financial problem and the state of your monetary situation, you may be able to arrange a suitable repayment plan or request more time so that you can try more ways to overcome your financial problems.
Tags: avoid repossession, house repossession, repossession order, sell and rent back, stop repossession
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May 21st, 2010
It is well understood by everyone that it is a matter of stress when you have to lose your dream house simply because you have no other option left due to your financial troubles. The financial trouble makes you helpless and prevents you from meeting the monthly repayments.
The creditors start taking steps to repossess your house as the result of insurmountable arrears. As soon as you face this trouble you can try to stop home repossession simply by contacting trusted and impartial organisations such as the Citizens Advice Bureau and Homeowners Advice Centre who are skilled in offering advice about repossession.
Tags: avoid repossession, house repossession, repossession, repossession order, stop repossession
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May 19th, 2010
When the credit providers have started the step to repossess the home, the event can be very stressful and a sentimental time in your lives. This is one of the most horrible things you could probably face in your life that the roof over the head of your family is going to get taken from you and that you have been left with no choice in the matter.
Most owners at risk of repossession are not aware of the steps they can take to prevent a mortgage provider from repossessing their home. It is always best to seek trusted and professional repossession help in an attempt to save your home in this circumstance.
Tags: avoid repossession, house repossession, repossession order, sell and rent back, stop repossession
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