Mortgage arrears – Banks meet with the Government to discuss strategies
Representatives from the banks met with the Government’s Economic Management Council last night to discuss the continuing problem of mortgage arrears.
More than 65,000 households are struggling and have been hit by repossession claims after falling into mortgage arrears. A report confirmed that homeowners in the London Borough of Barking and Dagenham are at the highest at risk of repossession due to their mortgage arrears, followed by Knowsley, Merseyside, and Thurrock in Essex who also have high mortgage arrears.
The Bill which is due to be published tomorrow by the Government is aimed to address the growing problem of mortgage arrears across the country. In the meeting, the banks proposed potential options for its customers in mortgage arrears and stated it will be testing medium term mortgage options for people with mortgage arrears. However, if you would like a swift, easy solution to your mortgage arrears, you can sell your home quickly to OK Property and pay off your mortgage arrears before your house is repossessed. In some circumstances, you may not have to move out of your property as you could rent the property as well as having the weight of your mortgage arrears lifted off your shoulders. If this option sounds ideal for you, OK Property is your solution to your mounting mortgage arrears.
The banks are also planning on splitting both long term and short term mortgages and trading down negative equity mortgages. The banks are currently testing a mortgage to rent initiative in conjunction with the Department of the Environment and Cluid Housing Agency but there is no certainty that this scheme will go ahead. Permanent TSB has stated that it will start implementing a full overhaul of its ‘collections’ function in order to help its customers facing mortgage arrears. However, if the banks proposed solutions seem complicated and you need a rapid solution to your mortgage arrears, contact OK Property to stop repossession before its too late instead of waiting for the banks to implement their strategies.
If you have mortgage arrears you could face repossession. Repossession is one of the most stressful things that anybody can go through. Once repossessed, your property will be sold off by your lender probably at auction and if the sale price doesn’t cover your outstanding mortgage and mortgage arrears, then you will still be liable for the shortfall. In the past, OK Property has managed to stop repossessions due to mortgage arrears by guaranteeing to buy your property and your lender will cease with repossession proceedings. It’s never too late to call us, we’ve helped hundreds of people combat the stress of repossession and mortgage arrears.
You can also sell your home to OK Property to release equity in your home so you can pay off your mortgage arrears, creditors and settle your other debts. In certain circumstances, you can sell your home to OK Property and then rent it back. The government made this a regulated activity which needs to be authorised by an FSA authorised sale and rent back company.
Why use OK Property to make your mortgage arrears vanish?
Our property group was established in 1999 to bring together people looking to sell their property quickly and investors looking to buy great investment properties. OK Property also pay your solicitor/conveyancing fees (providing you use our panel solicitors) and save you from paying expensive estate agent fees (normally between 1-3% of sale price).
At OK Property, we pride ourselves on getting the job done and aim to have your property sold within 6 – 8 weeks. Sometimes this is done within 2 weeks but we will always work within convenient timescales for you. We always act with the utmost professionalism and your confidentiality will always be our top priority.
Over the years we have built up a database of investors all pre-approved for mortgages, we also have a database of cash buyers who can buy your property within 2 weeks.
Our valuations go through a strict team of people including RICS qualified surveyors and our team has over 40 years experience in the property industry.
Many quick sale companies will offer you a higher amount at the start of the process so you go with them thinking you’re going to get more money, but when the valuation comes back lower they will come back and lower their offer. We find that if we get the valuations correct at the start then there are far less problems further down the line. So why not make your mortgage arrears vanish and contact OK Property today!
Contact OK Property to clear the stress of your mortgage arrears!