Repossessed Houses for Sale, Remortgage Deals, Stop House Repossession
We direct you to the best remortgage deals, debt solutions and stop house repossession.
If you are fortunate enough to be in a position to purchase a house, repossessed homes are normally sold for 20% – 50% less than their true market value.
The UK has had it very good for the past decade. We’ve become accustomed to making a fast profit from property. It’s difficult to remember a time when a house was just a home, not necessarily an investment.
We have compiled and reviewed the top 10 financial resources on the market which can assist you with debt consolidation, find out your credit rating, avoid home repossession and much more.
Debt Consolidation
If you have enough money left over after paying your priority creditors and essential expenses, you could think about taking out a loan to pay off your non-priority debts, such as credit card debts. Be very careful. Some creditors will ask that the new loan be secured against your home; advice from an independent financial adviser is strongly recommended.
Debt Management
Many people find themselves paying out more than they can afford every month, with mortgage repayments, credit cards, car loans and other outstanding bills. Do not panic, there are various options open to you.
Debt management is an informal agreement between you and your creditors, which allows you to reduce the debt repayments to an affordable level. You can negotiate the terms of the agreement or use a specialist Debt Management Company to negotiate on your behalf.
Individual Voluntary Arrangement (IVA)
An IVA is a legal agreement made with your non-priority creditors to repay your debts – either in part or in full. An insolvency practitioner will undertake the negotiations on your behalf and will check regularly to ensure that your circumstances haven’t substantially changed. If 75% of your creditors agree to the arrangement, the others must agree to the terms of the agreement.
Debt Relief Order
If you have debts of less than £15,000 and a low income you can apply to the Insolvency Service for a Debt Relief Order. This option, which lasts for a year, is a cheaper option than going bankrupt. In essence it means that your creditors will not be able to take action against you while the order is in place. At the end of the year, all debts listed in the order will be written off. Currently, a debt relief order costs £90, which may be paid in instalments over a 6 month period.
Bankruptcy Help
Given the current economic difficulties in which so many find themselves, bankruptcy doesn’t have the same stigma attached to it as before and it will certainly relieve the pressure that comes from constantly juggling your creditors. Once the order has expired you are able to start again and, in most cases, your debts will be completely written off. This bankruptcy guide from the Citizens Advice Bureau will tell you more. Bankruptcy is the most drastic debt solution as you end up loosing more assets and there are longer term negative consequences.
Best Remortgage Deals
A Remortgage or refinance mortgage is moving your existing mortgage to a new lender to receive a better rate of interest and or to release equity.
Whether you are looking to remortgage your home to lower your repayments or to free up some equity to pay off some debts or to improve your home, our resources can help you to find the best remortgage deals on the market.
The remortgage market is very competitive and although many lenders offer free valuation and legal fees designed to make your remortgage experience easier, you will find that these schemes are linked to only certain products. This means it is vital that you take time to research all options before signing with anybody.
Remortgage fees that you need to bear in mind are redemption charges and administration fees, so be sure you know in advance exactly what these will be.
Remortgaging your mortgage to a new mortgage lender usually takes one month to complete from start to finish, although this can be done in a shorter period if the remortgage is urgent.
Our aim is to give you the advice you need to find the best remortgage deals and, more importantly, the best remortgage deal for you.
Home Repossessions
The UK’s mortgage sector has been hit hard by the worldwide credit crunch. Easy lines of credit and cheap mortgage deals are being pulled off the shelves by lenders every day. Interest rates are unlikely to fall much more in the near future, in fact they may well rise if inflation keeps creeping up. And many lenders have decided not to pass on recent interest rate reductions to homeowners.
So, things are looking rough. While the experts don’t agree on exactly what will happen in the long term, they all acknowledge that mortgage credit and the housing market will be facing difficulties for some time to come. The long term expectation, from almost everyone concerned, is that UK house repossessions will continue to rise into the future.
Help from the Government – In an attempt to help fight the rise in house repossessions, UK government ministers have created a badly needed rescue package. This forces county courts to offer free legal representation to anyone battling with home repossession in the UK. In addition the Chancellor has set aside an extra emergency fund of £9 million for the Citizens’ Advice Bureau, to help them support home owners in crisis. And he has also insisted on special training for IFAs (Independent Financial Advisers) to guarantee they fully understand the options open to the 13% of home owners coming to the end of their fixed mortgage deals during 2008.
Get yourself informed and beat home repossession – Against this background of house repossessions, UK home owners are tightening their belts and preparing for a rough ride. But the best way to stay strong and hang on to your home is to inform yourself about every aspect of home repossession and arm yourself with the facts.
This guide provides all the information you need to help you inform yourself about UK home repossession: the processes and procedures, the legalities, your rights and the actions you can take to protect yourself and your home from repossession.
Useful glossary of financial terms explained in plain language.
