Professional house buyers swoop as the credit crunch rolls on with more than homeowners feeling the pinch. There are real problems out there for a home owner in arrears as banks are looking to call in all bad debt to meet demands for cash from their customers – they are puching for repossession more agressively!
Banks and mortgage lenders are opting out of normal business and putting the squeeze on those forced to remortgage due to debt biting at their heels. There are twice the distressed sellers on the market than there were a year ago and repossessions are more than double a year ago if we are to believe market observers.
Banks are placing customers in arrears straight into court to face repossession and eviction as shortfalls in cash means they need it from anywhere they can get it and the little home owner is easy prey.
Home buyers are in a fantastic position as its a great buyers market but only the squeaky clean will be able to get anywhere near a good deal on a mortgage as lenders have upped lending rates again this week.
Repossessions rising due to stealth increases and strategies to cut debt and boost the coffers of lenders means distressed sellers face and uncomfortable choice or do they? Those with high debt 80% or greater face a more likely incidence of repossession and eviction as loan to value lending is at best 75% with buy to let lenders and investors are treading warily when taking on new buy to let stock and are looking only.
At discounts of 30% or greater most home owners homes above a market value of £250k and in arrears or financial difficulty will face the prospect of repossession and investors are targeting lower value properties within strong rental areas as current BTL lending dictates.
So if you need to stop repossession and eviction, contact us as we know who the reputable sell and rent back experts are that you can rely on.
Remenber! As much as advice is useful, its action that will keep you in your home if you are lucky enough to be able to engage with one of the top buy and rent back companies.
>> Find A Reputable HomeBuyer Specialist!
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