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Quick House Sale – Millions at Risk |
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Millions of homeowners are at risk warns the Financial Services Authority, which is why more may opt for a quick house sale.
As the cost of mortgages keep escalating in an increasingly unstable property market, the Financial Services Authority has warned 1.5 million homeowners will be struggling to find affordable mortgages. They add that millions of homeowners are now at risk as affordability is stretched to the limit. It’s no wonder then that so many homeowners are opting for a quick house sale, renting, and biding their time until the property market becomes more affordable and secure.Quick house sale – Are you at risk?The fall out from the credit crunch means the cost of lending has never been higher; having a mortgage is an expensive affair, especially if you’re not lucky enough to be in a fixed rate. More homeowners are being forced into a quick house sale as they fall into mortgage arrears. Often a quick house sale offers an easy solution to debt problems or can be a way to stop house repossession. The FSA now fear that 1.4 homeowners will be struggling in 2008 when their fixed mortgage payment ends and they are vulnerable to higher interest rates. If you have a property worth £200,000 for example, your monthly payments will rise by £200 a month. This kind of outgoing is unmanageable for many homeowners who have already over borrowed to get on the inflated property ladder, are struggling with general consumer debt and have not had a rise in their salary to match the rise in their outgoings. A quick house sale is the only solution to salvage financial situations that are already on a knife’s edge. The only way out – a quick house saleThe Telegraph newspaper quoted Clive Briault, head of retail markets at the FSA: “Many of these borrowers are on relatively high loan-to-value ratios or income multiples and will find it difficult (if not impossible) to refinance their mortgage on favourable terms, which will leave them facing a significantly higher interest rate on their borrowings, which may prove too much for many of them to afford.” A quick house sale could be the only way out.Don’t bury your head in the sandOne of the key pieces of advice is this: Act now. Ignoring the problem will only lead you into greater debt. If you’re outgoings are higher than you can afford you could end up in mortgage arrears and facing repossession. If you want to hold onto your home or remortgage seek financial advice, alternatively you could opt for a quick house sale or a sell house rent back scheme. njoy.co.uk is a dedicated website that can help get you the best price for your property from committed cash buyers in your area. We aim to give you a cash offer in principle within 24 hours of you registering your house on njoy.co.uk. Many of our registered investors can offer you a 'sell and rent back' option, where they will buy your house for an agreed price, and allow you to stay in your property as a tenant. This may enable you to pay off all your debts in one easy stroke by releasing the equity tied up in your home. If you wish to discuss the process then we would be delighted to talk to you at your convenience, our customer service team can always be contacted either by telephone 0845 337 0038 or alternatively you can email your query to: info@njoy.co.uk
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