Losing sleep over property woes? Hilton Ventures provides 10 key tips to avoid repossession
Hilton Ventures provides 10 key tips to avoid repossession
[UKPRwire, Tue Mar 03 2009] As the financial crisis continues to affect the property sector, Manchester-based Hilton Ventures Plc – the award winning short term property finance company – offers ten key – and crucial – tips to prevent your home being repossessed should you be experiencing financial difficulties due to the current economic climate:
1. Keep in close contact with your lender from day one about any problems that might be arising;
2. Explain the problem to your lender and how you plan to get yourself out of it;
3. Find an honest IFA / mortgage broker to assist and see if you are able to get 'equity release' – try and find an IFA that is regulated by the FSA or is a member of the NACFB and ensure fees are success based;
4. Act quickly and keep on top of the situation;
5. Try and continue to make some sort of payment to the lender even if it is a reduced amount;
6. Remember your credit rating file – a few missed payments and a subsequent bad credit rating can be a major issue for the next six years;
7. Work with a good lawyer that has your interests at heart and ensure quick response to any letters you may get from your lender - remember to stay calm as many of these letters are sent automatically and are not necessarily a current reflection on you or the situation;
8. Be careful when considering sale and lease back schemes - don't be afraid to take advice from third parties and don't sign anything without seeking advice first;
9. Don’t try to ignore the situation - it won’t go away by doing nothing, but it can be managed by acting calmly and responsibly;
10. Remember repossession is a last resort for both you and the lender. Be humble, accept the situation for what it is, continue to talk to people, don't get bullied into things from unscrupulous people trying to take advantage of your situation and make sure your advisers are regulated by bodies like the Financial Services Authority or the NACFB.
Andy Eames, Head of Lending at Hilton Ventures, commented:
"Financial pressures - particularly where your home is at stake - can feel devastional. Our advice is to talk to professionals at the earliest opportunity. Bottling up a problem and hoping it will go away will only exacerbate the situation."
About Hilton Ventures PLC
Hilton Ventures Plc (PLUS: HTVO) is quoted on PLUS and is a specialist provider of short term property finance. Based in Manchester, the Company provides short-term bridging finance for residential and commercial property-related transactions. Its management team and that of its subsidiary, Hilton Ventures Finance Limited, brings together a group of highly experienced professionals from the banking and property lending industry.
For further information:
Hilton Ventures Plc
Graham Alcock Tel: 0161 886 0500
Gth media relations
Toby Hall/Christian Pickel Tel: 020 7153 8039/8036