Jul
6
06/07/2007
This week the Bank of England has yet again raised the base rate by one quarter per cent to 5.75%, the fifth rise in a year. There’s little doubt that when this new rise filters through to mortgages some already stretched home owners will be close to financial breaking point.
The Citizens Advice Bureau is reporting that it is seeing more and more people who are struggling to meet their mortgage repayments. As housing costs have risen and the availability of economical rented properties has declined, an increasing number of people have taken out large mortgages simply because they have no other option if they want a home of their own. Mortgaging yourself up to the limit may seem like the only way to get on to the housing ladder, but when interest rates rise and repayments go up, or fixed rate terms come to an end, the commitment that seemed financially viable when the loan was taken out can become impossible to meet.
Inevitably, this new rate rise will force some to the brink of repossession but with Property Rescue that need not be the inevitable outcome. The people at Property Rescue are used to dealing with home owners who find themselves in financial difficulties and will present options in a clear, non-pressurised way.
For some, moving out of the home might be the only sensible choice and if that’s the case, Property Rescue will guarantee to buy your home in super-fast time no matter what its condition or location. For others, selling your home to Property Rescue and then renting it back can present a more acceptable option – you get to stay where you are, your children are not disrupted in their schooling and your neighbours need never know anything has happened.
Talk to Property Rescue about the ways in which they can help. Burying your head in the sand is never the answer when you’re in financial difficulties. Mortgage arrears won’t go away and, in the long run, you could be making your situation even worse.