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If you have an endowment mortgage, you may be looking for a quick house sale.
More of us are vulnerable to the mortgage market then ever before thanks to the present economic climate and global credit crunch. Interest rates have shot up and look like they’re staying up. Many homeowners need a quick house sale to save their family from eviction or to stop house repossession, especially if they have taken out an endowment mortgage.
Quick House Sale – The Endowment Risk
If you have an endowment mortgage and are not opting for a quick house sale, you need to take urgent action to avert the risk of being lumbered with huge debt when your mortgage matures. It’s estimated that just one in ten homeowners are alerted to the risk of endowment policies. A quick house sale could be the only way to pay off debts if homeowners are not making allowances to pay off the loan.
Sell House Fast – Avoid Debt
Why do endowment policies hold more risk? A quick house sale may be the only way to sort out the debt you could end up with; endowment mortgages are inherently more risky for homeowners. An endowment mortgage is where the homeowner only pays for the interest on the loan. This results in cheaper monthly outgoings but because they are not paying anything off the loan itself, they need to put extra money into a savings and insurance plan.
A Fast Home Sale – Avoid Losing your Home
If you’re worried your endowment won’t repay your mortgage you are at risk of losing your home. The Financial Services Authority watchdog is urging homeowners to take action now to avoid huge debts in the future. A fast house sale may be one way of avoiding the risk of home repossession. The warning to homeowners rose from the fears that too many people were relying on endowment policies to repay their mortgage, but many policies have shortfalls in the amount saved in your policy. These shortfalls can lead to unmanageable debt and put you at risk of losing your home. A quick house sale may be the fastest way out. The FSA are advising homeowners not to ignore the problem but act now.
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 have you a cash offer in principal for your house within 24hrs 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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