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With high interest rates causing for lenders and borrowers alike, the credit crunch is causing pain across the UK – but the quick house sale market offers a way out
High interest rates are causing pain across the UK – and unusually, for borrowers and lenders alike. For those feeling the pinch in the credit crunch, the quick house sale market can offer a way out.
Millions of mortgage holders are facing or already receiving a payment shock as their fixed mortgage term expires, almost doubling many mortgages. More surprisingly, though, the lenders themselves – the banks and building societies who provide us with the mortgages to buy our homes – are suffering as well.
Lenders pass on their pain
Banks frequently lend money to each other in a complex set of trading arrangements which keep the lubricant of credit flowing through the economy. And the rate at which they do so has soared – and even after December’s interest rate cut, remains high. This is causing banks to put up the rates at which they lend money to consumers – in the form of credit cards or personal, unsecured loans. And that, too, hits people in the pocket.
For homeowners it can be incredibly frustrating – especially when there is wealth tied up in a property. If you have a house valued at £200,000 but only £50,000 outstanding on your mortgage then you have £150,000 equity tied up in your house – but you can’t get your hands on it.
Quick house sale market: a solution
When the mortgage payments are too much, or you’re having to take out higher-rate loans to meet other financial commitments, or pay off Christmas’s credit card bills, the situation can seem ridiculous. So it’s no wonder many people are turning to the quick house sale market for a solution.
Selling your house quickly can release the equity in your property fast, providing you with a cash lump sum to pay off other debts or otherwise enjoy financial wellbeing. It removes the worry over the direction of interest rates and can take away the pain of making monthly repayments on debts you shouldn’t have to have.
Enjoy the quick house sale market with njoy.co.uk
You can use the quick house sale market to ease your own credit crunch pain. 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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