The total number of UK houses repossessed in 2008 is estimated to be in the region of 40,000. This is already a high figure and the numbers for 2009 are expected to be even higher according to the Council of Mortgage Lenders.
The number of homes which were in arrears on their mortgage payments has also increased year on year, with an estimated 220,000 homes in arrears of over 3 months at the end of 2008.
The Council of Mortgage Lenders which produces these figures state that the number of houses repossessed in 2009 will exceed the 2008 figures with the global economic crisis and credit crunch affecting more and more homeowners.
With unemployment figures rising and the number of people expected to lose their jobs over this year due to increase, it is expected that 1 home will be repossessed every 10 minutes in the UK.
Property Repossession can affect people in different ways. For the majority it is a very stressful time and usually occurs when coupled with other bad circumstances. For example, loss of job or break up of marriage could be a factor which can lead to someone losing their home. It can also be due to illness or death.
Often people are forced to move in a hurry once evicted and this upheaval can also add to the emotional stress of the situation. This will not only affect the homeowner but also their family as well. Children are often the biggest victims as they are forced to move to a new environment, often a new school with no clear idea of why this is all happening. Parents are embarrassed to face their children as well as their families and friends and explain the situation they are facing. Repossessions can also lead to the break up of marriages and the breakdown of relationships, so its important to know where to go for help.
Many companies advertise that they can stop repossession etc and help your situation, but often these organizations are just trying to benefit further from your awful circumstances.
Although mortgage companies are often sympathetic to certain situations, failure to meet these payments will result in houses repossessed.
If you are facing repossession, Repossessed Homes UK can help you on advising what to do by providing free information and advice.
If you are facing repossession, Repossessed Homes UK can help you on advising what to do by providing free information and advice.
Article Source: http://EzineArticles.com/?expert=Rehan_Chaudry
Tuesday 10 November 2009
Friday 6 November 2009
Housing Market News Summer 09
The big lenders have all been increasing the interest rate on the fixed rate mortgages this week, despite the record low level of base rates. They have blamed the the rise in swap rates.
This week, Abbey, the UK's second largest mortgage lender, increased its fixed-rate deals by between 0.25% and 0.5%. Lloyds Banking Group has also increased some of its fixed rate deals this week.
With base rates at an historic low, fixed rate deals have become very popular recently - during April, 69% of all new mortgage lending were at fixed rates. The expectation from mortgage experts, such as Savills, is that now is a good time to fix, with base rates only likely to rise from current levels.
Currently, the average 2 year fixed rate mortgage with a minimum 25% deposit is 4.28%.
Mortgage Lending Falls In May
Mortgage lending fell in May, to £10.3bn, a fall of 2% on April, and 58% lower than May 08.
Lending for home buyers appears to have been rising but lending for remortgaging or people changing their mortgage provider, has fallen.
According to the Council of Mortgage Lenders, the volume of lending has mortgage lending has stabilised, but at a very low level.
Mortgage Lending Up In April
Mortgage lending was up by 16% in April compared with March. Although this figure is down 28% on April 08, experts say it points to a sign of a spring bounce in the housing market and provides more evidence that the bottom of the market may have been reached.
48% of mortgages taken out in April were on fixed rate deals, with an average rate of 4.83%, the lowest since Jan 04.
Buy To Let Landlords Lose Out
New figures from the Council of Mortgage Lenders (CML) shows that buy to let landlords are having their properties repossesed at a rate three times great than other homeowners.
1,700 buy to let properties were repossesed in the first quarter of 2009. 4,100 properties were lost when including case of lenders appointing a 'receiver of rent' (appointed by the mortgage lender when a landlord defaults on mortgage payments).
In the first quarter of 2008, just 300 receivers of rent were appointed - this figure was 2,400 in the same period of 2009.
Buy to let mortgage are now also much more difficult to obtain. At the peak of the boom in Sept 2007, there were 3,662 different buy to let mortgages available - now there are just 218! for those getting a mortgage, the deposit required is now usually 25%, up from the previous norm of 15%.
Many landlords are struggling from a flooded market, reduced rents that don't cover their mortgages, and falling prices which means they struggle to sell or certainly can't cover their mortgage if they do sell.
If you're a buy to let investor struggling to make your mortgage payments and needing to sell your property quickly, then call quickmovenow.com - we may be able to
Quick Move Now are one of the leading property buyers in the UK with whom you can sell house fast. Visit http://www.quickmovenow.com/ for more info.
This week, Abbey, the UK's second largest mortgage lender, increased its fixed-rate deals by between 0.25% and 0.5%. Lloyds Banking Group has also increased some of its fixed rate deals this week.
With base rates at an historic low, fixed rate deals have become very popular recently - during April, 69% of all new mortgage lending were at fixed rates. The expectation from mortgage experts, such as Savills, is that now is a good time to fix, with base rates only likely to rise from current levels.
Currently, the average 2 year fixed rate mortgage with a minimum 25% deposit is 4.28%.
Mortgage Lending Falls In May
Mortgage lending fell in May, to £10.3bn, a fall of 2% on April, and 58% lower than May 08.
Lending for home buyers appears to have been rising but lending for remortgaging or people changing their mortgage provider, has fallen.
According to the Council of Mortgage Lenders, the volume of lending has mortgage lending has stabilised, but at a very low level.
Mortgage Lending Up In April
Mortgage lending was up by 16% in April compared with March. Although this figure is down 28% on April 08, experts say it points to a sign of a spring bounce in the housing market and provides more evidence that the bottom of the market may have been reached.
48% of mortgages taken out in April were on fixed rate deals, with an average rate of 4.83%, the lowest since Jan 04.
Buy To Let Landlords Lose Out
New figures from the Council of Mortgage Lenders (CML) shows that buy to let landlords are having their properties repossesed at a rate three times great than other homeowners.
1,700 buy to let properties were repossesed in the first quarter of 2009. 4,100 properties were lost when including case of lenders appointing a 'receiver of rent' (appointed by the mortgage lender when a landlord defaults on mortgage payments).
In the first quarter of 2008, just 300 receivers of rent were appointed - this figure was 2,400 in the same period of 2009.
Buy to let mortgage are now also much more difficult to obtain. At the peak of the boom in Sept 2007, there were 3,662 different buy to let mortgages available - now there are just 218! for those getting a mortgage, the deposit required is now usually 25%, up from the previous norm of 15%.
Many landlords are struggling from a flooded market, reduced rents that don't cover their mortgages, and falling prices which means they struggle to sell or certainly can't cover their mortgage if they do sell.
If you're a buy to let investor struggling to make your mortgage payments and needing to sell your property quickly, then call quickmovenow.com - we may be able to
Quick Move Now are one of the leading property buyers in the UK with whom you can sell house fast. Visit http://www.quickmovenow.com/ for more info.
Thursday 5 November 2009
Repossession vs. Foreclosure In The UK - The Big Myths
Every so often, at a Property Networking event, I have someone come up to me and tell me that they are "interested in foreclosures".
This normally indicates to me one thing - that they have been reading American books on property investment.
Nothing wrong with that, but In the UK, the law is quite different, and notably more on the side of “looking after the average person who falls behind on their mortgage” and less on the side of “whatever the contract said.”
The first thing to be aware of is that repossessions and foreclosures are different things.
In a UK repossession, the mortgage company "take back" the house, sell it, use the proceeds to pay off the amounts owed to them, and then send the balance to the borrower. The old duty to take "reasonable care to ensure.... the best price that can reasonably be obtained" has been slightly modified in the Building Societies Act 1997 to "take reasonable precautions to obtain the true market value of the mortgaged property. It is normal, though NOT needed, for the mortgage company to get a Court Order to get a repossession. The mortgage company does NOT have to sell the property via an auction - indeed, the Courts have recognised that this may well not be the best way to obtain the true market value.
In a foreclosure, by comparison, the mortgage company "take back" the house, sell it, and keep the entire proceeds. This is only possible as the result of a Court Order, and it's nigh on unheard of for courts to grant this these days - normally they only ever grant repossession orders.
The second is that the big “hand the keys back myth” is just a myth.
If you are behind on your mortgage payments, you cannot just "hand back the keys" and have the clock stop on the interest payments.
A mate of mine was once a branch manager at a building society - on the day he took over the branch, he was shown a drawer containing about half-a-dozen sets of keys from people who had just brought them back, believing that this would stop interest accruing. I've no idea why this myth still abounds!
For the investor, the first two mean that, unlike in the US, it is very unusual for an investor to get a good deal simply by finding out which properties have been repossessed, and then buying them up cheap from the mortgage company for cash in hand.
The big market opportunities that do exist are finding people who MIGHT be repossessed, and negotiating deals with them that leave them better off than they might be if the repossession went through.
Mark Harrison is a property investor, author and speaker on UK property.
His free newsletter, http://www.yourpropertyexpert.com, goes out to well over 1,300 subscribers and provides an update on UK property.
Article Source: http://EzineArticles.com/?expert=Mark_P_Harrison
This normally indicates to me one thing - that they have been reading American books on property investment.
Nothing wrong with that, but In the UK, the law is quite different, and notably more on the side of “looking after the average person who falls behind on their mortgage” and less on the side of “whatever the contract said.”
The first thing to be aware of is that repossessions and foreclosures are different things.
In a UK repossession, the mortgage company "take back" the house, sell it, use the proceeds to pay off the amounts owed to them, and then send the balance to the borrower. The old duty to take "reasonable care to ensure.... the best price that can reasonably be obtained" has been slightly modified in the Building Societies Act 1997 to "take reasonable precautions to obtain the true market value of the mortgaged property. It is normal, though NOT needed, for the mortgage company to get a Court Order to get a repossession. The mortgage company does NOT have to sell the property via an auction - indeed, the Courts have recognised that this may well not be the best way to obtain the true market value.
In a foreclosure, by comparison, the mortgage company "take back" the house, sell it, and keep the entire proceeds. This is only possible as the result of a Court Order, and it's nigh on unheard of for courts to grant this these days - normally they only ever grant repossession orders.
The second is that the big “hand the keys back myth” is just a myth.
If you are behind on your mortgage payments, you cannot just "hand back the keys" and have the clock stop on the interest payments.
A mate of mine was once a branch manager at a building society - on the day he took over the branch, he was shown a drawer containing about half-a-dozen sets of keys from people who had just brought them back, believing that this would stop interest accruing. I've no idea why this myth still abounds!
For the investor, the first two mean that, unlike in the US, it is very unusual for an investor to get a good deal simply by finding out which properties have been repossessed, and then buying them up cheap from the mortgage company for cash in hand.
The big market opportunities that do exist are finding people who MIGHT be repossessed, and negotiating deals with them that leave them better off than they might be if the repossession went through.
Mark Harrison is a property investor, author and speaker on UK property.
His free newsletter, http://www.yourpropertyexpert.com, goes out to well over 1,300 subscribers and provides an update on UK property.
Article Source: http://EzineArticles.com/?expert=Mark_P_Harrison
Wednesday 4 November 2009
Repossessed Homes - What Happens in Property Repossession?
Property repossession and the number of repossessed homes is on the increase in this time of recession. This guide is intended to help you understand the stages of repossession, why it takes place and the things that you can do if you are faced with this issue.
If you are currently paying a mortgage on your property and are falling into arrears, your lender has the right to start repossession proceedings. The terms of your mortgage contract will state this. Normally a lender has the right to start repossession after 2 months of arrears, but most lending organisatons will work with you to try and clear the arrears and thereby avoid legal action against you. The best thing is to keep talking to your lender and update them on your current situation. If you are unable to keep up repayments or your lender is not satisfied with your proposals then the lender will take legal action by going through the local county court. This is done so that they can take control of the property and gives them the right to sell the property and recover the outstanding balance on the mortgage.
In the first instance you will receive letters from your lending organisations debt collections department as well as telephone calls to try to collect missed payments. As stated above always keep the lender informed of circumstances and attempt to come to a mutual agreement to clear the debt over time. If your account remains unpaid for 4-6 months or more, the your account will be referred for legal action to a firm of solicitors. They will probably write to you demanding that you pay the arrears in full or warning you that you will face repossession of your property if the arrears are not cleared and the account is not brought up to date. Always contact the solicitors and propose a mutual contract agreement or arrangement to clear the arrears.
Proceedings to start repossession will typically begin after 6 or more months of arrears and with the solicitors representing the lending organisation issuing repossession proceedings through the local county court. A hearing date will be set by the court and its advisable that you attend. It is important that you have all your documentation concerning your mortgage account and your account history as part of your preparation for the hearing.
At the court the person presiding over the hearing (usually a judge) can decide whether to do a number of things:
1)Adjourn the hearing - You will receive a new hearing at this stage and this usually happens in the case of absence or the requirement of more information.
2)Indefinite Adjournment or Dismissal - this normally occurs if full payment of the arrears have been made.
3)Order for Possession - This order will give the lender the right to possess your property after a period of 28 days. Even at this stage there are options for you to take in order to sell your house quickly and stop property repossession.
4)Suspended Possession Order- in this case the order is suspended following the payment of the current installment and a mutually agreed amount towards the arrears.
The final option is a favorable position for all parties as it gives you a further chance to clear the arrears and gives the lender some security that payments will be made. However, if you default on the payment or the agreement the lender has the right to seek possession of the property by way of a possession warrant or notice of eviction.
A notice of eviction or possession warrant is occurs if you fail to meet the criteria of the suspended possession order or if you are still occupying your property after the time frame for order of possession has lapsed. In this case the lender will apply to the courts to have you formally evicted. The court will send you a date and time at which you must leave the property. A bailiff of the court will attend your property accompanied by a representative of the lender as well as a locksmith. They will come with the intention of taking formal possession of the property. Even at this stage avoiding property repossession is not too late.
For further free information on property repossession, visit Repossessed Homes UK.
Article Source: http://EzineArticles.com/?expert=Rehan_Chaudry
If you are currently paying a mortgage on your property and are falling into arrears, your lender has the right to start repossession proceedings. The terms of your mortgage contract will state this. Normally a lender has the right to start repossession after 2 months of arrears, but most lending organisatons will work with you to try and clear the arrears and thereby avoid legal action against you. The best thing is to keep talking to your lender and update them on your current situation. If you are unable to keep up repayments or your lender is not satisfied with your proposals then the lender will take legal action by going through the local county court. This is done so that they can take control of the property and gives them the right to sell the property and recover the outstanding balance on the mortgage.
In the first instance you will receive letters from your lending organisations debt collections department as well as telephone calls to try to collect missed payments. As stated above always keep the lender informed of circumstances and attempt to come to a mutual agreement to clear the debt over time. If your account remains unpaid for 4-6 months or more, the your account will be referred for legal action to a firm of solicitors. They will probably write to you demanding that you pay the arrears in full or warning you that you will face repossession of your property if the arrears are not cleared and the account is not brought up to date. Always contact the solicitors and propose a mutual contract agreement or arrangement to clear the arrears.
Proceedings to start repossession will typically begin after 6 or more months of arrears and with the solicitors representing the lending organisation issuing repossession proceedings through the local county court. A hearing date will be set by the court and its advisable that you attend. It is important that you have all your documentation concerning your mortgage account and your account history as part of your preparation for the hearing.
At the court the person presiding over the hearing (usually a judge) can decide whether to do a number of things:
1)Adjourn the hearing - You will receive a new hearing at this stage and this usually happens in the case of absence or the requirement of more information.
2)Indefinite Adjournment or Dismissal - this normally occurs if full payment of the arrears have been made.
3)Order for Possession - This order will give the lender the right to possess your property after a period of 28 days. Even at this stage there are options for you to take in order to sell your house quickly and stop property repossession.
4)Suspended Possession Order- in this case the order is suspended following the payment of the current installment and a mutually agreed amount towards the arrears.
The final option is a favorable position for all parties as it gives you a further chance to clear the arrears and gives the lender some security that payments will be made. However, if you default on the payment or the agreement the lender has the right to seek possession of the property by way of a possession warrant or notice of eviction.
A notice of eviction or possession warrant is occurs if you fail to meet the criteria of the suspended possession order or if you are still occupying your property after the time frame for order of possession has lapsed. In this case the lender will apply to the courts to have you formally evicted. The court will send you a date and time at which you must leave the property. A bailiff of the court will attend your property accompanied by a representative of the lender as well as a locksmith. They will come with the intention of taking formal possession of the property. Even at this stage avoiding property repossession is not too late.
For further free information on property repossession, visit Repossessed Homes UK.
Article Source: http://EzineArticles.com/?expert=Rehan_Chaudry
Tuesday 3 November 2009
Learn Stock Market Trading Before You Lose Your House, Not After!
For people wanting to learn stock market trading there is now a wealth of information on line. I know it is not easy to do, but with the correct information, it will not be long before you are trading like the pros. There is a learning curve with every business or opportunity, people try to bypass this, trust me when I say, bypass your education in this industry at your peril!
There are some amazing resources on line and typing in a simple search like 'free online stock trading information' in Google will bring up thousands of quality results. Lets not forget hard copy books, they are excellent and can be purchased from places like Amazon very cheaply. With YouTube you have access to literally hundreds of quality tutorial videos on subjects like investing in shares.
We then move into the area of internet trading classes and online demo trading accounts that all help tremendously with ones learning curve. There are hundreds of these on line learning facilities available some of them are very interactive which makes the whole learning process very enjoyable.
It never ceases to amaze me when people are extremely eager to go spend their hard earned cash and buy stocks on line, but do not spend a dime on their education. Your personal education in stock and shares is the priority here. Be sure to invest wisely in your education before you even contemplate investing in shares.
The next area to look at is trading automation. Now there are opportunities out there where you can literally automate everything, but there are also programs like the stock picking services who recommend shares, or programs that assist you in the picking of winning stocks to invest in. Some of these services are excellent and I would recommend you give them a go, but not in the early days, stick to studying and learn stock market tips and tricks before you consider investing in stocks and shares.
For some free stocks and shares trading information please visit Learn Stock Market
Business owner - visit http://learnstockmarket.net
Article Source: http://EzineArticles.com/?expert=Carolina_Basalo
There are some amazing resources on line and typing in a simple search like 'free online stock trading information' in Google will bring up thousands of quality results. Lets not forget hard copy books, they are excellent and can be purchased from places like Amazon very cheaply. With YouTube you have access to literally hundreds of quality tutorial videos on subjects like investing in shares.
We then move into the area of internet trading classes and online demo trading accounts that all help tremendously with ones learning curve. There are hundreds of these on line learning facilities available some of them are very interactive which makes the whole learning process very enjoyable.
It never ceases to amaze me when people are extremely eager to go spend their hard earned cash and buy stocks on line, but do not spend a dime on their education. Your personal education in stock and shares is the priority here. Be sure to invest wisely in your education before you even contemplate investing in shares.
The next area to look at is trading automation. Now there are opportunities out there where you can literally automate everything, but there are also programs like the stock picking services who recommend shares, or programs that assist you in the picking of winning stocks to invest in. Some of these services are excellent and I would recommend you give them a go, but not in the early days, stick to studying and learn stock market tips and tricks before you consider investing in stocks and shares.
For some free stocks and shares trading information please visit Learn Stock Market
Business owner - visit http://learnstockmarket.net
Article Source: http://EzineArticles.com/?expert=Carolina_Basalo
Monday 2 November 2009
UK Home Owners Turn To Cash Sale To Stop Repossession In Credit Crunch
People faced with financial difficulties may be overlooking a quick and stress free way to alleviate money worries.
Property is the most valuable asset to home owners across the nation but turning bricks and mortar into cash can be a challenge in the current climate. Even with the assistance of large well known property companies the times involved and bureaucracy can compound mounting stress levels.
Searching the internet for quick sale property companies can also be overwhelming. Many new companies are jumping on the 'cash offer guaranteed' bandwagon. It is essential that you research these companies thoroughly. How long have they been established, is it a family business or a fly by night organisation. Who responds to your enquiries? Is it a call center, a junior sales executive or is it someone senior who you can put your trust in?
After all your property can make you money, your property can help you out of difficult financial circumstances. Be sure that accepting assistance will mean ALL your costs are covered, that there are no hidden charges, no small print.
Proceeding with caution contact an established family business with a proven track record. Rest assured as you ensure your property is turned into cash, get a quote. This is a positive step in the right direction but remember a reputable company will not pursue you if you are not 100% happy, and if the cash offer is not to your liking you are not obliged to continue negotiations.
When you are happy with your cash offer and confident in a quick sale be aware that although the end to your financial worries may be near you must still be assured that an experienced property professional is guiding you comfortably through the process.
Using a quick sale specialist doesn't mean that corners a cut it means that the weight is taken off your shoulders.
End your money worries, turn your property into hard cash, swiftly, professionally and without the stress of volatile property chains. Stop repossession today pay off your debts and let David Bradley Homes show you that selling your home can be easy.
http://www.davidbradleyhomes.gbr.cc
Article Source: http://EzineArticles.com/?expert=David_Bradley_Homes
Property is the most valuable asset to home owners across the nation but turning bricks and mortar into cash can be a challenge in the current climate. Even with the assistance of large well known property companies the times involved and bureaucracy can compound mounting stress levels.
Searching the internet for quick sale property companies can also be overwhelming. Many new companies are jumping on the 'cash offer guaranteed' bandwagon. It is essential that you research these companies thoroughly. How long have they been established, is it a family business or a fly by night organisation. Who responds to your enquiries? Is it a call center, a junior sales executive or is it someone senior who you can put your trust in?
After all your property can make you money, your property can help you out of difficult financial circumstances. Be sure that accepting assistance will mean ALL your costs are covered, that there are no hidden charges, no small print.
Proceeding with caution contact an established family business with a proven track record. Rest assured as you ensure your property is turned into cash, get a quote. This is a positive step in the right direction but remember a reputable company will not pursue you if you are not 100% happy, and if the cash offer is not to your liking you are not obliged to continue negotiations.
When you are happy with your cash offer and confident in a quick sale be aware that although the end to your financial worries may be near you must still be assured that an experienced property professional is guiding you comfortably through the process.
Using a quick sale specialist doesn't mean that corners a cut it means that the weight is taken off your shoulders.
End your money worries, turn your property into hard cash, swiftly, professionally and without the stress of volatile property chains. Stop repossession today pay off your debts and let David Bradley Homes show you that selling your home can be easy.
http://www.davidbradleyhomes.gbr.cc
Article Source: http://EzineArticles.com/?expert=David_Bradley_Homes
Wednesday 28 October 2009
Making A Great Investment With House Repossessions
Investment!
By: Anna Stenning
There's no getting away from it - the housing market is weaker than it's been in many years, and this can make investors wary about putting their money into property at the moment. It's understandable; the current climate can make it seem like a large initial outlay for a minimal return when the improvements are finished and the house is sold.
While we are all used to viewing property as an investment and expect to make a substantial return when we sell, whether it is when we are moving home or have simply purchased the property for investment purposes, the property ladder is practically a tradition in Britain, but with the market the way it is right now, the poorer return can make the process seem like a waste of time. There is a way around it, however - with house repossession on the rise, the opportunity to purchase a property for as little as half of its true market value is certainly enticing for investors.
Purchasing property as a result of house repossession is an excellent way to increase the return on the investment you have made, whatever the size of property you purchase, whether you do so for a fast turnover or are planning to spend take more time over it, waiting out the recession whilst making some improvements to the property in the hope that you will make a significant profit.
Whether you acquire it from a house repossession auction or from an agent, buying property in this manner is significantly cheaper than it would be on the open market, meaning that you can purchase a home which would normally be a fair way out of your price range on your current budget. This can mean that when you do come to sell the property - especially if the market has picked back up by then - you stand to make a much larger return than you would typically.
Although it can seem like a risky time to invest in property, the amount of property which is available at prices far below their actual market value thanks to house repossession makes both investing in the field and taking another couple of rungs on the property ladder easier than ever. Whether you are simply looking for a new home or are looking for a house to buy, improve and sell for a profit, a repossessed property brings the option closer than ever for many people.
Article Source: http://www.propertymagnate.com/articles
Anna Stenning is a property market analyst with many years of experience in the industry. Find out more about house repossession at houserepossession.co.uk/
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