Rising repossession rate strikes fear amongst UK homeowners
House prices in the UK are falling and interest rates have hit the pain threshold. For many homeowners this means hardship and suffering. Many property owners now face an unpleasant surprise when their fixed rate mortgage is changed to the variable rate. While it is possible to shop around for better deals, the tightening of credit conditions means that a significant number of homeowners are stuck with their existing lender. For many people these problems are compounded by personal debt problems, unemployment, ill health and rising costs of living like fuel and food bills. Not surprisingly, many homeowners fall behind with their payments and end up having arrears.
Mortgage borrowers are advised to contact their lender to explain their situation and buy time. The situation is likely to get worse when the indebted homeowner fails to acknowledge the severity of the problem. HyperSaver, a UK based leading company has published a free report available from there web page www.hypersaver.com to help homeowners to deal with their debt problems.
Repossession may still be on the cards and could eventually become an unavoidable evil. Well, but actually something can be done even at the last minute. The homeowner may not be able to keep their house but they may still be able to stop repossession, even after a court date. Often the lender sells the property well under value on the quick through an auction and is still legally entitled to recoup monies from the borrower for up to 12 years. According to Berend Rah, Managing Director of HyperSaver, "the borrower is in effect loosing out twice when this happens; the property is sold for a mere pittance and costs and interests are accrued up until the day the property is sold. Repossession is also damaging the credit status of the borrower for years to come”.
Under such conditions it is best to enlist the help of an ethical cash buyer. HyperSaver www.hypersaver.com can help to stop repossession and often pay for legal costs and support the homeowner throughout the whole process. It is important to find cash buyers who have a good reputation and act in an ethical manner. HyperSaver, one of the UK leading companies in this field has subscribed to a code of conduct and follows ethical guidelines.
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