Cash Property Buyers Help Stave Off Repossession Threat
Repossessions are on the rise in the UK. Sub-prime crisis has hit the UK hard, just like the USA.
According to Citizens Advice (CA); a free and confidential advice provider, sub prime lenders have deliberately tried to extend loans to borrowers who could never meet the terms of their loans right from the beginning, and thus led them to defaulting on repayments, and eventual repossession.
Earlier in order to approve a home loan from a bank, one typically needed to meet a few basic criteria such as sizeable deposit, verified income, and a good credit score. It was almost impossible to get a mortgage if you didn't fulfill these requirements.
But mortgage lenders felt there is a huge potential housing market in people with low incomes or with poor credit records. They started granting loans to such people but at an interest rate higher than A-paper loans due to the increased risk. Sub prime offered an opportunity to borrowers with a less than ideal credit record to obtain a mortgage.
As a result, several aspiring home owners were misguided and sold expensive loans that were doomed to fail right from the word go. Vulnerable borrowers who took such loans despite low income levels found themselves to be homeless and the sub-prime crisis shook the realty world.
All of a sudden, the so far friendly and caring lenders turned into rude and pestering people the moment the borrowers started falling back on payments. Besides, even for relatively small amounts of arrears, lenders took the hapless house owners to court.
USA is on the verge of possible recession thanks to its sub-prime crisis that has snowballed into gargantuan proportions. And now the UK is grappling with its own sub-prime mortgage crisis, what with innumerable vulnerable homeowners facing soaring repayments and the threat of repossession.
Scores of house owners are struggling to sell their houses through estate agents in a bid to avoid repossession. However, selling your house through estate agents is a time consuming process particularly when the threat of repossession is knocking on your door. A faster way out is to approach cash property buyers.
These private investors offer several advantages that are particularly helpful for people in a hurry to sell their houses. Some of these advantages are:
* These buyers guarantee to buy your property regardless of its condition or location and can halt repossession of your home.
* Cash property buyers offer sell and rent back solution which would enable you to release equity in your home and stay back in your home as a tenant.
* you get hard cash for your house and with that money you can pay off your debts
* They close the deal within 4 weeks, relieving you from the burden from paying further mortgage interests
* You don't have to pay any legal fee, agent's fees or any hidden costs
* You don't have to throw open your house for reviews to all kinds of buyers - just one review is enough
* These buyers are chain free and you directly deal with the buyers. The risk of a deal falling through at the last moment because of a broken sales chain does not arise here.
At least one in four Britons find their debt repayments unmanageable. It's no use to cry over the spilt milk and keep regretting why you took a sub prime loan. One quick way to avoid repossession is to sell your house to cash property buyers. These buyers also have a sell and rent back scheme under which you can continue living in your house as a tenant even after selling it off.
According to Citizens Advice (CA); a free and confidential advice provider, sub prime lenders have deliberately tried to extend loans to borrowers who could never meet the terms of their loans right from the beginning, and thus led them to defaulting on repayments, and eventual repossession.
Earlier in order to approve a home loan from a bank, one typically needed to meet a few basic criteria such as sizeable deposit, verified income, and a good credit score. It was almost impossible to get a mortgage if you didn't fulfill these requirements.
But mortgage lenders felt there is a huge potential housing market in people with low incomes or with poor credit records. They started granting loans to such people but at an interest rate higher than A-paper loans due to the increased risk. Sub prime offered an opportunity to borrowers with a less than ideal credit record to obtain a mortgage.
As a result, several aspiring home owners were misguided and sold expensive loans that were doomed to fail right from the word go. Vulnerable borrowers who took such loans despite low income levels found themselves to be homeless and the sub-prime crisis shook the realty world.
All of a sudden, the so far friendly and caring lenders turned into rude and pestering people the moment the borrowers started falling back on payments. Besides, even for relatively small amounts of arrears, lenders took the hapless house owners to court.
USA is on the verge of possible recession thanks to its sub-prime crisis that has snowballed into gargantuan proportions. And now the UK is grappling with its own sub-prime mortgage crisis, what with innumerable vulnerable homeowners facing soaring repayments and the threat of repossession.
Scores of house owners are struggling to sell their houses through estate agents in a bid to avoid repossession. However, selling your house through estate agents is a time consuming process particularly when the threat of repossession is knocking on your door. A faster way out is to approach cash property buyers.
These private investors offer several advantages that are particularly helpful for people in a hurry to sell their houses. Some of these advantages are:
* These buyers guarantee to buy your property regardless of its condition or location and can halt repossession of your home.
* Cash property buyers offer sell and rent back solution which would enable you to release equity in your home and stay back in your home as a tenant.
* you get hard cash for your house and with that money you can pay off your debts
* They close the deal within 4 weeks, relieving you from the burden from paying further mortgage interests
* You don't have to pay any legal fee, agent's fees or any hidden costs
* You don't have to throw open your house for reviews to all kinds of buyers - just one review is enough
* These buyers are chain free and you directly deal with the buyers. The risk of a deal falling through at the last moment because of a broken sales chain does not arise here.
At least one in four Britons find their debt repayments unmanageable. It's no use to cry over the spilt milk and keep regretting why you took a sub prime loan. One quick way to avoid repossession is to sell your house to cash property buyers. These buyers also have a sell and rent back scheme under which you can continue living in your house as a tenant even after selling it off.
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