Property Rescue Blog

A recent announcement from some of the major mortgage lenders that they are prepared to offer six times salary will surely be copied by the majority of lenders as housing costs become less and less affordable to those with average pay-packets.

Despite the now well-worn prophesy of a housing market slow-down it seems that prices are stuck on an upward trend. The figures show that the recent increase in interest rates has been absorbed by the market with little impact; property prices are, it seems, resilient and have been rising for around seventeen consecutive months. Good news for those already on the property ladder, but as shown by the decline in first time buyers, bad news if you have yet to get a mortgage.

This must be the thinking behind the level of loan on offer now. Only a few years ago six times salary would have been unthinkable, yet today it can be the only way that people can afford to buy a home of their own. The move has been criticised by several charities and organisations dedicated to helping people manage debt. In response, the mortgage companies point out that only in exceptional circumstances will such large multiples of salary be offered and strict criteria must be fulfilled, but the average person in the street must be wondering if this is set to become the norm as the nation continues its love affair with property-buying.

It’s unsurprising that some people find it hard to make ends meet when mortgage payments are so steep. It only takes one factor such as a change in job, a sudden illness, a rise in interest rates, or a family breakdown, to tip the balance from solvency into serious debt problems. For some families, simply the fact that they have been living fractionally beyond their means can be enough, as this is a situation that cannot be sustained indefinitely.

If you are having debt problems or cannot make your mortgage repayments, contact Property Rescue. They will present you with options and a way out of your current crisis. They won’t exert pressure on you to act and everything is done with regard to your family needs and in total confidence.

For those struggling to meet mortgage repayments, having their house repossessed by the bank or mortgage company is their worst nightmare. What can you do to fight repossession and what does it mean if you actually lose your house?

Fighting Repossession

A lender who goes to the court to ask for a Possession Order against you may have that Order granted, in which case you will need to repay your arrears immediately or else leave your home, or the Courts may decide to postpone the Possession Order if you are able to demonstrate that you will have the means to make the necessary payments to the lender within the near future. In effect, most people who get this far down the line don’t actually have the money to pay their arrears or start making ‘topped up’ mortgage payments. So what can you do?

You can call a company such as Property Rescue who will quickly value your home and give you a guaranteed offer to buy it. They will liaise with your lender and will be able to stop the repossession from taking place. You might want to leave your home and buy a less expensive property, but if you want to stay put Property Rescue can offer you a ‘buy and rent back’ scheme, which will allow you to do just that.

What if the Repossession Goes Ahead?

If the Courts grant your lender a Possession Order you will be given a timeframe in which you must leave your property, otherwise an Eviction Order will be granted. Either way, you have to find somewhere else to live – and find it quickly! Remember too that interest will accrue on your loan for as long as you stay in your home. The bills don’t stop mounting up at the time when the Court Order is made. You will probably have difficulty in finding another lender who is prepared to offer you a mortgage in the future and should you find such a lender, they will almost certainly put a premium on the interest rate they charge you because they regard people who have lost property through repossession as being potential ‘non payers’.

Don’t Let it Happen!

Whatever you do, don’t sit back and accept that repossession will take place. Property Rescue can offer you a way through the problem with an outcome that safeguards your home and your future financial stability