Tricky times ahead for mortgage market say National Homebuyers
Many homeowners may seek a fast property sale as it becomes increasingly clear that 2008 will be a slow year for the UK housing market.
[UKPRwire, Tue Feb 12 2008] The Council of Mortgage Lenders (CML) has published its market commentary, highlighting that towards the end of 2007 "mortgage approvals fell away sharply".
Looking ahead, anyone seeking a fast property sale will be concerned to hear that things are not looking much better.
In fact, the CML commentary points out that things could be about to get a lot worse before they get any better.
"The prospects for mortgage lending in the opening months of this year are much quieter than they have been for some time," read a CML statement.
"The underlying 73,000 mortgage approvals for house purchase in December was the lowest monthly figure since the middle of 1995. And the value of all approvals was the lowest since the beginning of 2005.
"So gross mortgage lending could fall below £20 billion for a month or two as the spring approaches and the softer tone to house prices evident in the final quarter of 2007 persists," it continued.
Quick property sale supremo Julian King advises homeowners prediciting a difficult time to consider the Sale and Rent Back of their property, "Mortgage rescue schemes exist to help the homeowner who is suffering financial difficulty.
"Either an immediate cash property sale or a Sale and Rent Back agreement is easily organised, saving people from property value losses or even repossession.
"But the trick is to act quickly".
Julian King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing a quick sale for any property in the UK, regardless of its condition or location. The company's mortgage rescue schemes also include the increasingly popular Sell and Rent Back arrangement.