No one really wants to face the prospect of losing a house they have called home for so long due to repossession because they defaulted in repayment of mortgage or perhaps they had a loan that was secured against the property and they simply cannot make ends meet anymore. Since you do not want to go through the tedious process of getting another house you will be best placed if you took the initiative and spoke to your creditors to work out the best way forward. Many creditors will use repossession as the very last option.

No one in their correct state of mind wants to be in any kind of debt because of the attendant amount of stress and worry that accompanies it. At times you even wish the earth should open up and swallow you especially when the creditors are after you. The results are usually a complete turn around regarding your common lifestyle and denying yourself many things you considered routine but which may now seem like a luxury. The worst of them all is when you have secured loans pegged on your home and you fear it could get repossessed.

Banks restricted on mortgages 

All the banks and buildings societies hands are tied when it come to new mortgages, hence why they are being so cautious/fussy on who they lend money to at the moment.

Is the credit crunch over?

Some mortgage brokers are predicting that the mortgage lenders (banks/buildings societies) may start to lend money, this is due to the fact that the bank of England deciding to pump a further £50 billion into the economy.

The bank of England have said that this will make it easier for mortgage lenders to lend money because they are able to obtain the money at a lower cost to them, therefore being able to provide more mortgages.

Is this going to happen?

Repossessions are on the downturn consider sell and rent back!
 

It was announced that the number of repossessions were on the downturn but then it was also stated that the number of repossessions are also up to just over 24,000 so far this year. This is equivalent to 130-135 homes being repossessed a day. However this is still a 14% increase from last year!

Is the worst of the recession over?

There are a variety of articles being released commenting that the worst of the recession could be over, but the latest figures show the number of shops, retail outlets, public houses, etc, etc, closing is increasing, the number of people being made redundant is increasing and also the number of people trying to stop repossession is increasing. So is the worst of the recession actually over?

Doorstep lenders overcharge whilst people try to stop repossession

It was revealed today that there are some doorstep lenders charging in excess of 500% apr on loans. Lender’s like Provident Financial, who is probably the largest doorstep lender, commented by saying it is “a fair and transparent lender”.

Barnardo’s, the children’s charity, have called for these doorstep lenders to be regulated in the hope that the extortionate interest rates can be a thing of the past.

Mortgage approvals are down but mortgage arrears and repossessions increase

Although that there seems to be activity in the market place with new buyers, the banks are being very cautious on who they lend money to. Most if not all lenders are now requesting large deposits from borrowers, giving the banks more security. The biggest problem that this makes is that first time buyers are finding it hard to get on the first run of the property ladder.

House prices fell again in June!

Although the Halifax had announced an increase in the property prices as of late, they also announced that in June house prices fell by 0.5%. They have said that this year house prices house prices had not fallen as dramatically as last year and that the market has stabilised slightly. There are some many predictions being made by so many of the property professionals i.e. Royal Institution of Chartered Surveyors (RICS), but none of these predictions are accurate.

Where is the housing market going – people trying to stop repossession, 50% rise predicted.
 

All the property professional are still trying to second guess where the market is going, including people like the Council of Mortgage Lenders (CML). There are no predictions as to where the house prices are going to go this year, some say that the recession is not over, and that more people will have to try and look for solutions on how to stop repossession.