House Repossessions - Repossessed Homes

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. But the economy is faltering and, in the wake of the Northern Rock crisis, the situation is changing rapidly. The house price crash has been devastating for many people, but it is important not to panic.

Investors are relishing the opportunity to purchase repossessed houses, 20% - 50% below their true market value.

We have reviewed the top 10 financial resources, which can help you stop property repossession, determine your credit score, find average house prices in your local area and much more.

Home repossessions in the UK are rising fast

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 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.

If you live in Scotland and are struggling with debt, try not to panic, there is always a solution to your problems, and facing up to your money problems is the first step in reaching that solution.
The first step in bringing your finances under control is to make a list of all your debts. The [...]

For the last 12 months, the whole of the UK has been struggling financially as a result of the recession; jobs have been lost and many are finding it hard to meet payments on their mortgages and debts. If you live in Northern Ireland and are struggling to pay your mortgage, try not [...]

Due to the current recession, homeowners are extremely keen to save money on their mortgages: with the base rate at an historic low, there are some excellent deals to be found on the market. Here, the minefield that is the mortgage market is examined, with helpful tips on how to find the perfect product for [...]