Interest Rates On Hold
Yesterday the Bank of England chose to leave interest rates unchanged for the fourth consecutive month. The decision came as no surprise, despite the call from leading economists for a reduction in rates to ease the property blues currently gripping the UK’s housing market. It seems that inflation on the High Street is uppermost in the minds of the Bank of England’s decision makers and that those hard-pressed by increased mortgage payments are – at least for the time being – of secondary concern.
Is there any glimmer of light for those whose mortgage payments are spiralling out of control? There is speculation that the Bank will cut interest rates in the near future, but this doubtless depends on how inflation reacts to the most recent rate hold. But things look more bleak on house sales, with lending giant, Halifax, reporting a fall in house prices of 0.5 per cent during October, hot on the heels of a 0.6 fall in September. Its figures also show that 11 per cent fewer mortgages were taken out during the third quarter of the year, compared to the same period in 2006.
For people who need to sell their home because of mortgage arrears or the threat of repossession, this is not good news. In a slowing market selling quickly is unlikely at best. Property Rescue give people an option to sell their home almost immediately, sometimes within as little as 48 hours. This is an extraordinary turnaround when judged against the average of 8 months to sell a home via traditional routes. Speed can really be of the essence in some situations, especially where the build up of arrears on the mortgage – sometimes combined with other consumer loans – mean that there is a possibility of becoming bankrupt and invoking all that that status implies.
Selling a home to Property Rescue does not necessarily mean moving out. Of course, for some people that is exactly what they want to do – clear their debts, get rid of mortgage arrears, buy another property in a cheaper area or downsize, and make a new start. But for others who are committed to their location because of job, school, friends, etc., the option of selling to Property Rescue and remaining in the home as a tenant can be very attractive. This arrangement is fully explained to clients before they sign any paperwork, and full tenancy agreements are provided that give all the rights tenants are entitled to when in rented accommodation.
Give Property Rescue a call to find out more. All calls are in total confidence and without any obligation to proceed.
