More home owners are unable to stop repossession as hard-pressed homebuyers struggle with high mortgage fees.
In the next year, an estimated 1.4 million home owners will come to the end of their fixed-rate deals. As a result, an increased number of home owners are expected to be unable to stop repossession. Higher mortgage fees will create misery for the hard-pressed home owners and buyers. In fact, mortgage fees are around two-thirds higher than a year ago. And some economists expect it to only get worse as banks look for ways of propping up their profits – by passing on extra costs to buyers.
Stop Repossession – Banks Push up Fees
One mortgage comparison website told the press that for some home owners coming out of a fixed rate, their mortgages could shoot up by as much as £400-£500 a month. This is clearly not feasible for the majority of home owners who calculated the affordability of their mortgages on more favourable rates. For those who are already on the financial edge, or just meeting their financial commitments, this extra outgoing is enough to push them into arrears – leaving them unable to stop repossession.
Stop Repossession with a Quick House Sale
The quick house sale market and the sell and rent back industry is stepping up to fill this need as home owners seek out ways to stop repossession. As well as mortgage repayments shooting up, the number of buyers are drying up. House prices may be falling, but the cost of mortgages is hitting first-time buyers too – with arrangement fees more than double than what they were a couple of years ago. Without buyers, those who desperately need a fast house sale to address escalating debts are finding a solution from a quick house sale scheme.
Fast House Sale Rescue Line: Stop Repossession
High arrangement fees for those homeowners looking for a remortgage, combined with high interest rates means many are simply being out-priced out of the housing market and left finding ways to try and stop repossession. The high cost of borrowing as a result of the credit crisis means there's never been a worse time to be in debt. A fast house sale scheme or a sell and rent back option if you don't want to move home could be the rescue line you need.