Many miss mortgage payments according to National Homebuyers
Many people in the UK are fighting to avoid repossession after missing mortgage payments.
[UKPRwire, Mon Jan 28 2008] That is according to new research from MoneyExpert, which reveals that almost half a million homeowners missed a payment in the last six months.
The firm said that this represents around four per cent of all outstanding mortgages in the UK and means that hundreds of thousands of people are in a battle to avoid repossession.
"Missing a mortgage payment doesn't incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us," said Sean Gardner, chief executive of MoneyExpert.
"It's clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can't pay your mortgage then you should take action immediately.
"If you are struggling to afford the repayments then now is not the time to stick your head in the sand," he added.
Fast property sale expert Julian King concurs, "We advise those missing payments to consider a quick sale or Sell and Rent Back option to avoid becoming a repossession statistic.
"It's too easy to be presented with a possession order and as such, we advise consumers to research the Sell and Rent Back mortgage rescue scheme".
Mr King is a director of National Homebuyers, the UK's leading quick property sale company. National Homebuyers guarantees to make an offer on any property in the UK, regardless of its condition. The company also provides mortgage rescue solutions such as Sell and Rent Back when the homeowner can sell their property, but rent back for an agreed period of time and rental fee.