Property Rescue Blog

Alistair Darling gave his first budget on 12 March.  Although no longer the event it used to be, the budget still attracts the attention of the media and, to a lesser extent, the average man or woman in the street.  Few surprises are unveiled in budget speeches nowadays, as most of it has already been announced, promised, threatened or leaked!  So as anticipated, there’s very little that’s brand new.

Mr Darling did announce some help for those trying to get their feet on the first rung of the housing ladder.  Recognising how difficult it is to raise funds for a mortgage, the Chancellor announced that key workers (such as nurses and teachers) will be able to borrow from shared equity schemes.  He also introduced the idea of long term fixed interest loans, an issue that Gordon Brown made no secret of supporting in his days as Chancellor.  The idea behind this is that people would be given the ability to plan their finances over the long term and be protected against interest rate rises. 

First time purchasers are also set to benefit from a new scheme that delays the payment of stamp duty on shared ownership homes until 80% of the home has been paid for.  Although this will reduce initial up front payments at a time of financial strain, it’s likely to be a blow to home owners when the time comes to pay up; stamp duty normally amounts to a substantial sum and it’s never a pleasant surprise to have to pay for something that was incurred many years previously.

There is little or no respite for those trying to sell their homes in a beleaguered property market.  The only slight glimmer of hope over the long term is the fact that 70,000 more homes will be built on sites that have been identified by the government.  This may help ease the housing shortage, but is unlikely to do anything for buyers or sellers in the short term. 

If you are trying to sell because of financial pressures, work commitments, or you are simply in the position where your house has been on the market for a long time, then give Property Rescue a call.  They act in complete confidence and will be pleased to talk through how their guaranteed offer scheme works.  No matter where your home is or what condition it is in, Property Rescue will value it and make you an offer.  If you decide to accept, your home could be sold within a few days or weeks.

Property Rescue’s valuation service is completely free and at no stage will you be put under any pressure to proceed.

Living with debt has become an unavoidable fact of life in 21st Century Britain. The high cost of living, coupled with easy credit and spiralling housing prices has created a situation whereby it seems almost impossible to function economically without having to manage debt.

In some respects, this is an unavoidable situation. For example, housing prices mean it is only the privileged minority who are able to do without a mortgage. The danger comes when debt piles up from a number of different sources and spirals out of control. The advent of low or no deposit mortgages has only added to the pressures on a buckling system. Ubiquitous television adverts, purporting credit for those already in difficulties as a means to escape their problems contributes to a never ending debt spiral.

2006 saw a 59% rise in insolvencies and the current debt is estimated at £1.4 trillion. New legislation brought in 2004 relaxed the rules regarding bankruptcy and for many it is now seen as a viable option to getting out of debt. Similar legislation was introduced in America during the 90’s and is seen as a contributing factor to its current economic slump.

Property Rescue can offer a viable alternative to bankruptcy. In addition to purchasing your home for cash, they are able to eliminate up to 80% of unsecured debt without using any of the proceeds. Property Rescue negotiate a vastly reduced sum on your behalf with the credit card or loan companies. This immediately releases some of the pressures on your finances. Between 9-24 months later they will negotiate a small one off payment to release you from the outstanding debt. This is usually a small percentage of the total owed.

Before any decision are made, it is prudent to contact your local Citizens Advice Bureau. In addition to this the Consumer Credit Counselling Service offer free advice to anyone in financial strife. Bankruptcy should still be the last resort in dealing with debt as there are usually ways of combating the situation without resorting to insolvency.