House repossessions caused through mortgage arrears have
hit an 8 year high according to the Council of Mortgage
Lenders UK. Around 14,000 homes have been repossessed
in the last 6 months in England, Scotland, Wales and
Northern Ireland - up 30% on this time last year.

Borrowers most affected, are people who fall under the 'sub-
prime' market (adverse credit files due to various conditions
in their past, including CCJ's -county court judgments, IVA's
and other bad credit conditions).

Other possible repossession candidates are the 1.8 million
people coming to the end of their fixed rate terms in a market
where we have seen 5 increases in the base rate over the
past 12 months.

Many borrowers have other loans to repay, cars to run and
families to bring up so costs can soon mount, leaving them
completely over extended so 'baton down the hatches' is an
understatement with the probability of yet another interest
increase within the next couple of months.

If you are facing repossession and you want to know what
happens next take the following steps:

1. Talk to your Bank or Building Society as early as
possible to explore your options. Delaying this and allowing
mortgage arrears to mount up makes it difficult for the lenders
to offer a counselling ear and take a lenient stance. An
eviction could leave you homeless so act now!

2. Reduce your outgoings, by economising when
shopping and cutting all luxury subscriptions. Be aware of
what you are spending.

3. Increase your income. This may be possible by
working extra hours, taking on lodgers or applying for extra
benefits.

4. If there is no way of paying the arrears and the
continuous monthly payments then the other option is to start
thinking: "I need to sell my house fast".Remember that getting
mortgages after a repossession will be very difficult so if the
clock is ticking then registering with an estate agent is not a
viable option as this will take time. Selling through an auction
is fast but isn't guaranteed so the quickest way to sell your
house is go to a private investor or property company who will
buy your home within weeks. If you want to stay in your home
you should make sure they offer you a rent back option
allowing you to rent your home from them after the sale has
completed. If you think your circumstances may change in the
future you should go to a specialist company who can also
offer you a buy back option allowing you to buy back your
home when in a better financial position. A good specialist
company offering advice and services on all of the above is
www.housesforcashuk.co.uk

This hike in repossessions has a nightmare affect on
homeowners who lose their properties and is generally the
result of people innocently trying to get a foot on the property
ladder without realising the consequences of future interest
rate increases or changes in circumstances.

If you have mortgage arrears, are facing repossession or
have a court hearing don't waste time and act now, before it is
too late.

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