House repossessions
House repossessions are a big concern in the UK at present, with lenders threatening to raise their rates regargless of what the Bank Of England does. This follows the Northern Rock debacle and shows that banks are scared of the sub-prime bubble bursting following what has happened on the other side of the pond.The bbc panorama has been working on exposing some of the mortgage brokers responsible for bad mortgages. Around 250,000 sub prime borrowers could face the risk of home repossession if the interest rates rise again. They would first of all hit mortgage arrears and then end up with a property repossession order. The issue will also affect the buy-to-let market with thousands of landlords coming to the end of their fixed rate terms and being left with huge mortgage repayments.Repossession UK wide would have devastating affects on moral of the nation, so the Bank of England are playing it down but mortgage brokers across Britain are fearing the worst.
House repossession
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Your lender should inform you that they are aware of your problem and that it should be rectified.
If you have not done so already you should be looking at how you can pay your arrears. If you are struggling you should look at reducing your overheads and increasing your income. You should also try and negotiate with your lender and ask them to reduce your re-payments.
If the lender is not happy with you they will write to you again warning you they will be taking cort action. They can then apply to the court for a re-possession order.
You will then receive a summons from the court and you should by this point have legal advice in place who will help you prepare and negotiate with the other side.
At the hearing the judge will decide whether to allow the re-possession, put certain conditions in place, or striking it out. If the court orders the re-possession you will be given a date by which you must leave the property.
You could always sell your house and if you still want to live there you could sell to a private investor who will allow you to rent back your property
More information can be found at the Citizens Advice Bureau
Since writing about this a couple of months ago thousands of people have been repossessed and interest rates have actually dropped slightly
News has just come in the house repossessions have hit an 8 year high
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