Jun
16
16/06/2011
A small bank operating in the Portsmouth area has been shut down by the financial authorities. The Southsea Mortgage and Investment Company, with just 270 savers, was closed by the Financial Services Authority and the Bank of England. The Southsea, which lent to house builders, had been trying to wind itself down after losing money following the 2008 banking crisis. The accountancy firm BDO has been appointed to liquidate the bank.
This will have a knock on affect on mortgage market, and will make it more difficult to sell house fast, due to lack of buyers. If you need to sell house quick for cash a sell house fast specialist can turn a quick sale around in days. They will buy for cash, charge no estate agency fees and no valuation fees for you to sell home fast. They respond extremely quickly for a quick house sale, great if you have a broken house chain or need to relocate.