No matter what social occasion you find yourself at this week, sooner or later someone’s going to bring up the issue of house prices.

It seems to be a national obsession. When they were going up, those who already had a house were rubbing their hands in glee at the thought of all the money they had already made, while those who hadn’t yet bought looked on in despair.

And now prices for countrywide property are levelling out a little, homeowners are a bit less smug… while the poor first time buyers just keep scanning local newspapers and property portals, in the vain hope of one day spotting a cheap property.

The reality is that even with prices slowing down, property is incredible expensive in the UK.

A new piece of research released in the last week by RICS, the Royal Institution of Chartered Surveyors, shows that the affordability of property has gone down by a staggering 351 per cent in the last 12 years.

The reality is that affordability problems are at an all time high, affecting countrywide property. A couple who are on a low wage – known as lower quartile where the household income totals £26,595 after tax – currently have to spend an average of 40% of their household income, just to pay the mortgage.

This is just under the record of 47.8% which was set in the first quarter of 1991, but still higher than is comfortable for many families.

And the situation is worse if you are a first time buyer. To get on the property ladder, a lower quartile couple will have to save up to 104% of their joint take home pay.

To make that figure seem more real, that means saving just under £28,000 for the up front costs of buying a house. That includes the deposit, fees and stamp duty.

Of course, this is a national piece of research, and figures will vary across countrywide property depending on the local markets. But it still makes scary reading, especially if you are looking for your first home and only have a few thousand pounds put aside.

Let’s take a closer look at the RICS figures for countrywide property across the UK. Unsurprisingly, London is still the hardest place for a low income couple to buy a house. And when you’ve bought your home, you have to spend just over 50 per cent of your monthly income paying the mortgage, according to the figures.

The situation isn’t much better in the south east and south west, where couples still have to save more than 100% of their combined take home pay to buy property.

In the north east the percentage of salary needed to pay the mortgage each month drops down to 29%.

So what effect does this have on countrywide property repossessions? As you would expect, RICS expects them to continue to rise. It believes that throughout 2008, 123 homes a day will be taken back by the lender.

There is one piece of relief on the horizon that could have a positive effect on mortgage payments. It’s looking likely that the Bank of England will lower interest rates later this week.

In fact it’s virtually guaranteed. The Monetary Policy Committee that looks at all the economic factors each month is due to meet on Thursday.

It made a cut in December. And a Reuters poll of 60 economists last week predicted another cut being “almost certain” this week. It’s thought the cuts are necessary to stop an economic slowdown from turning into a proper recession.

Whether you’re trying to get your first home or just pay the mortgage on your existing one, that’s sure to be a relief.



Repossession

Secured loans can be an efficient short or long-term funding solution for UK homeowners. If you are in need of money and have equity in your property, you are eligible to apply for a secured loan. Secured loans are sometimes called “second mortgages” as they rank after your mortgage as security to the lender. Secured loans must be registered as a Charge on your property title at the Land Registry.

Why seek a secured loan rather than an unsecured loan?

The strong growth in UK house prices over recent years has meant that many homeowners have built up substantial equity in their properties. Secured loans are simply a flexible way for homeowners to release some of this equity. Compared with an unsecured loan, a secured loan has a lower interest rate as you are putting your home up as security. The lender will be very confident that the loan will be repaid. Another advantage is that secured loans offer more flexible terms of repayment than unsecured loans. For example, the loan term can be for a longer time period enabling your monthly repayments to be kept down. Secured loan terms can be from 3 to 25 years – it can sit alongside your mortgage if you wish or you can pay it off sooner. If you’re in need of a large sum of money, a secured homeowner loan can range from £5,000 up to £1 million. Unsecured loans are normally capped at £25,000.

What can I use a secured loan for?

A secured loan can be used for any purpose. A secured debt consolidation loan can help you refinance expensive debt, such as credit cards or bank overdrafts, on to a much lower interest rate. A secured home loan can be used to finance substantial home improvements to add value to your property, such as an extension or a new kitchen.

Why choose a homeowner loan rather than a remortgage?

A mortgage is your cheapest form of borrowing and if you want to raise a significant amount of money it is therefore logical that you should first consider a remortgage. However, your current mortgage may be arranged on advantageous terms or have an onerous early redemption fee. Redeeming your mortgage may just not make financial sense. In these circumstances it may be wise to leave your mortgage alone and use the flexibility of a secured loan, especially if the interest rate is only a little higher than your mortgage rate. Finally, a secured loan can be completed in less than 20 days – somewhat faster than a remortgage – and at a lower cost. Remortgaging normally requires that you pay certain fees, such as a discharge fee, a valuation fee, a title insurance fee or an administration fee.

Can I safeguard my loan or mortgage payments against unforeseen events?

You can take out payment protection against specific events, such as unemployment, sickness or disability through Payment Protection Insurance (PPI). Remember that PPI is not always suitable for your individual circumstances and independent advice should always be sought before buying this product. Should the insured event take place, the policy will cover your payments for a fixed period of time, such as 12 months. You should also consider buying sufficient life assurance such that in the event of the death of the household’s main bread-winner, the loan or mortgage will be paid off by the insurance company.

How can I apply for a secured loan?

You have the choice of going direct to the lender or going to an intermediary, usually a finance broker. If you have shopped around and know what you want, you can apply direct to the lender via phone, internet, post or walk into their branch office. If you prefer to seek the advice of a finance broker you may benefit from their expertise in deciding what product and which lender is most suitable for you. This will be particularly true if your circumstances are unusual and you require a specialist product. It is also possible that a finance broker can find you a better deal as some products are only available through intermediaries.

How long does the secured loan application process take?

Depending on circumstances and personal needs, you may obtain a secured loan within 2-4 weeks. But, of course, each case is different. Normally, the consent of the first mortgage lender is required to register the secured loan on your property title and so the lender is unlikely to proceed before consent is obtained.

What factors may negatively influence the secured loan application?

When you apply for a loan it is normal that you will be asked to consent to a search at a Credit Reference Agency, such as Experian or Equifax. The purpose is to avoid fraud and for the lender to assess your credit worthiness. Some factors may have an adverse effect on the secured loan application, such as:



Bankruptcy or Individual Voluntary Arrangement

Low income or self-certification of income

Mortgage or rental arrears

Frequent job changes

Frequent address changes

High indebtedness

Court judgments



But even with a poor credit record, you have a good chance of obtaining a secured loan providing you have plenty of equity in your property. However, you may be asked to pay a higher interest rate if your credit score is low.

Is it important to seek independent, impartial advice?

There are literally thousands of loan and mortgage products available. As we only tend to purchase financial products infrequently, you will not know which products are available or suitable without a serious research effort. For this reason, we believe that most people should seek independent, impartial advice, especially as mortgages and secured loans normally represent a substantial commitment. This should not cost you any more as the advisor is normally paid directly by the lender.

What are the drawbacks of a secured loan?

Although there are many benefits of a secured loan, there are some drawbacks that should be mentioned. In cases where a borrower fails to repay a loan, the property could be taken into possession and sold. Borrowers can also be tempted to borrow large sums for long periods without appreciating the commitment to repay a significant amount of interest, even when interest rates are low.

For more information, please visit http://www.burtplan.co.uk



Repossession

Property like always has been an important source to support life in any form. It supports life not only in the direct form but also in the indirect form. The direct form of the property would include property consumption as residential usage in form of houses, apartments, floors, villas and various other structures that are employed in the form used to living. The next form is the commercial usage, which is used for carrying any trade in form of warehouse, trade, office purposes and other forms that can be used with the motive to earn profits. However to perform all the above tasks one needs to posses land or the property. With the increasing rates and the time of recession has prevented people to consider huge investments or even any investment in property or otherwise. Hence there is an alternative proposed by the experts or people with the space in form of property called as Rent. To is now an alternative that everyone who needs the property being considered in across various fields.

These fields extent themselves from the residential to the commercial form, and to do so one can contact various property brokers and agents that are in the market with the expertise helping the clients find the right property for their needs. They also specials in dealing with the renting contracts, these contracts range from a yearly base to the bi annually based. While renting the house with the owner, the client needs to fix various rules and regulations that abide the renter in the course of stay with them. These norms may range from the usage of the property like not nailing on the walls, painting and paying for the damage created by the renter during the stay in the property. Restrictions of parties and other things that may harm the rights of the owner or the property while it is being rented to the renter in the due course of time of stay in the property. While these are the rules that abide the residential property there are4 different rules that abide the commercial property, while renting a commercial property the renter faces a contact that is typically only for an year which can be considered to extent after the completion of an year. Various rules and regulations that may imply to the commercial property are, in course of ceiling or any other problem related to business creating problem to the property would be handled by the proprietor. As on leaving the property the paint and the other repair charges are owned by the renter and among various others rules that the owner and the renter can think of while they get into they contact with each other during renting of the property.

To make the contacting even more smoother there are various agents and brokers that have appeared in the market helping the easy transactions of the property on rent and are aware about the contracts that exists between them while the parties get into relating for property between each other. Another factor that one might keep in mind is the advance that the owner demands in the course of renting to make sure that any harm caused to the property is recovered from the advance, which is usually an amount resulting to the two months of the rent. Keeping all these regulation no doubt the rent of property in India has created and bless to the people who cannot buy the property and help them serve all the purpose that they would want with out paying a huge amount that cannot be afforded.



Repossession

If you look out for various loan options that are available in the UK, you are most likely to encounter to find innumerable loan options stumbling upon you. But, how are you going to find the one particular loan option that would be most suitable for you .For homeowners, one of the most popular loan options is secured loans available in the UK. This loan option offers you astonishing features along with some requisites.

You need to furnish valuable asset like your house, jewellery, financial papers as collateral in order to obtain these loans. It is always better to opt for secured loans as these loans bear lower interest rates and also the term for which you can get the loan is longer. However the condition for such loan in U.K. is to have a security as collateral against the loan borrowed.

There are a few benefits that these loans in U.K. offer. If you are having a valuable property like house then you can avail nearly 125% of the value of the security. Since this is a secured loan it bears the lower interest tag. You can apply for any amount varying from £7500 to £250000.

Nowadays even secured loans online in U.K. have become popular. There are a large number of lenders for this type of finance however, you must find out a reputed lender who has a good reputation in the market. This loan is very convenient as it can be applied directly to the online lenders. You are required to provide all the relevant information in online form and the verification work will take some time. After this lenders will reflect back with their offers and all you have to do is to choose the most convenient of all.



Repossession

Reports have been bandied about in the press recently of the impending credit crunch that is expected to hit the US and will be swiftly followed the UK. Mortgage brokers are enjoying being inundated with home owners and buyers looking for the best information.

Financial institutions are doing what they can to counteract the possibility of a credit crisis with the main concern being interest rates. The Bank of England’s Monetary Policy Committee has cut the base rate by 0.25%. It may not sound much but it is enough to help restore some confidence in the market.

A mortgage broker will offer advice to current home owners to use the savings afforded by this drop in interest rates to pay back into their mortgage and lower the whole life time. On a 100,000 pounds mortgage, a 0.25% cut in interest rates could mean your mortgage being paid off 15 months early if the savings are ploughed back into it.

For anyone in doubt when it comes to financial matters, a mortgage broker is always a good option. They will be able to advice on all types of mortgages to suit your budget and circumstances. It is a fact that a large proportion of house sale enquiries have been made by first time buyers of late, who have had their confidence boosted by the drop in interest rates and who have had the financial sense to consult a mortgage broker.

With interest rates at their lowest levels in just over a year, it’s now a good time to get on the property ladder. A mortgage broker can advice on whether the rates are likely to increase or decrease in the near future with their inside knowledge.

Staying with the theme of first time buyers, new build houses are a sound investment as your mortgage broker will reassure you. New houses are built with much better energy efficiency than old houses, thus giving you long term savings.

They are also designed with our modern lifestyles in mind. With the contemporary look that everybody is striving for these days, you are more likely to get a simply designed house that has better use made of the space than an older style house.

Older style houses appeal to many people for comfort but for the younger generation, thinking of our hectic lifestyles with families, work commitments and relatives spread far and wide across the country, a simple home life is essential. It is the new build house that is more likely to be open plan. Buy an old house with separate dining room and you are likely paying out for a room that will hardly ever get used.

En-suites are virtually expected in new build houses and this is a god send when you are contending with a young family early in the morning, as is a utility room.

Looking at the prospect of these home owners being able to sell on in the future, you are much more likely to have success in this field with a new build house as opposed to an older house. It is easier to see the new build as a blank canvas to make your own mark on rather than all the changes that an old house would take to make it your own home.

Despite a slowdown in the property market towards the end of 2007, it would seem things are definitely picking up and now is the time to snap up a bargain.



Repossession

If you are trying to stop repossession of your property, there are several things you can do to help the process.

First and foremost, you should take good care of the property. One of the worst things you can do if you are trying to stop repossession is to destroy the interior of the house.

Many people strip their house clean of valuable items in order to ensure that the lender receives as little of their personal belongings as necessary.

However, this will not stop repossession of your home. In fact, it can have the opposite effect as a property devoid of heating, carpets, kitchen appliances etc will be worth less when it is being sold.

Considering the proceeds of the sale of the property will be used to pay off the balance of the loan and any mortgage arrears that have accrued, you should do all you can to ensure that the lender achieves the highest price possible when they sell the property after repossession takes place.

Another important thing to do when trying to stop repossession of your home is to be honest with the lender. If you are completely broke then you should tell them.

It will cost the lender money to pursue you for your outstanding debts so they may not be so inclined to continue chasing you if you make them aware that there is nothing to chase.

This does not mean that you will successfully stop repossession by eliminating the debts you owe, however it can help to relieve the pressure of constantly being hounded for payments that you cannot make.

One important step in the process required to successfully stop repossession of your home is to check your credit file. Lenders will use this file as a tool to help determine whether you have enough money to pay them.

In fact, it is important to check your credit file regularly anyway to ensure that there are no unauthorised checks on your file from credit issuing companies.

If you have received a shortfall letter from a lender you should check your credit file to discover whether they have already performed a search.

Legal issues may arise from such an act that could weigh in your favour. It is, of course, necessary to consult with a repossession solicitor to determine whether this has any bearing in your particular case.

Every individual in the UK has a right to privacy and it is possible that an unauthorized credit search may breach this right.

Please consider the information above if you are hoping to stop repossession of your home.



Rent Back

If you want a quick house sale, you will find that the traditional method of selling through an estate agent is not without its drawbacks. You risk the possibility of the property chain breaking down or the buyer of your house pulling out at the last minute.

There are a number of things that you can do so that your house sells fast: -

1)Spring clean – this doesn’t cost anything, but even if your curtains and carpets need professional help, it will be worth the money and help your house sell fast.

2)De-clutter and de-personalise – A quick house sale will depend on how much it feels like home to your potential purchasers. Throw or give away what you don’t need and store everything else neatly in your cupboards. Serious buyers are likely to look inside of these as well. If they are overfull, buyers may assume there is not enough storage for them.  Don’t ruin your chances of a quick sale because of this.

3)Go neutral – colour is personal to the individual and differences in personal taste can affect your house sale. If you create a blank canvas for your buyer, it will be easier for them to visualise how they can make your home into their home.

4)Maintained – make sure you have no unfinished DIY, if you want a quick house sale.  Every time a buyer encounters a problem that he thinks needs fixing, he will mentally be reducing your house price.

5)First impressions count – view your house from outside and see how it compares with the others in your street. Maybe a few simple measures are needed, like cutting the grass or trimming the hedges.

6)Make sure there is a purpose for each room and above all make sure your house smells nice. Cooking, smoking, pets, damp, and blocked drains can all prevent you from getting a quick house sale, especially here in the UK.

Does all this sound too much, well there is an easier way.  There are quick house sale specialists, cash buyers, who offer to buy your house fast, no matter what condition it is in. One such company is A Quick Sale Direct. They understand that there are many reasons for needing to sell your house quickly, like chain breaking, bereavement, ill health, divorce, relocation, debt, repossession, retirement or an inheritance.

They will work with you to find a solution for any problem and may be able to give a provisional offer for you home within hours. A quick cash house sale can be achieved throughout the UK in as little as a week, but it will always be in a time frame suitable to your self and family. Thus giving you the speed and certainty, which you cannot achieve with a traditional sale with and estate agent.



Sell and Rent Back

There are times when in need of cash, you may have to go in for a quick sale of property. This may be prompted due to various reasons. Circumstances can range from financial problems, losses in business, inflation rate, divorce and costs of legal proceedings, to other emergency situations. It is then that your cash needs would require you to convert your immovables into liquid cash.

Liquidating your assets as in sale of your property is perhaps the best way to get hold of necessary cash, without having to pay high interest rates as in loans. The situation is critical when your bank balance does not have the required amount. And when the requirement for cash is not met even by reliable people around you such as family and friends, you may have to take recourse to other sources such as extracting monetary value of your property in the form of quick sale.

However, quick house sale can be a lengthy process because of the documentation required. What this means is, in short, a waste of a lot of time. It could take months to get hold of the amount when what you require is a few days. This problem can be sorted out by way of estate agents. They are the ones to look out for to get you that speedy service of a property sale. They have the experience and the expertise to help you out in any circumstance. Since they deal and negotiate on your behalf, you can save yourself a lot of hassles such as that of documentation.

Furthermore, quick sale of your property through the agents is a smooth affair. They would be ready to purchase your property in any circumstance, even when you are heading towards property repossession due to defaults on your loan or mortage repayments. Quick house sale can thus help you to smoothly meet your financial requirements in an emergency situation.



Quick House Sale

Pensioners should be sitting pretty regarding mortgages shouldn’t they? After all, they should by now have completed their payments and be the sole owners of their homes. Sadly, for some 600,000 pensioners this is not true – they are still paying off their mortgages, and not just for a couple of years after retirement. For example, over 20,000 who still have to reach the final payment are in their 80’s.

Couple this with the research from the Prudential which reveals that almost 25% have insufficient funds to finance their retirement, and it becomes obvious that some serious problems exist. Having to find the necessary funds to cover the mortgage payments when on a fixed income inevitably means that some other parts of the living costs are not covered.

However, many pensioners would be pleased to be on a fixed income, provided that it was fixed at a point on the cost of living scale! When looking at the reality of an income which is usually increased annually, but by a niggardly amount which bears no relationship to the increases in costs generally (especially council tax), then the true effect is of a reducing income.

Inflation also takes its toll. True it is low at present, but even at 2.5% a year, the spending power of a fixed sum is down by virtually ¼ in just 9 years. So which way to turn? There are a few choices but none of them are particularly palatable.

To provide funds for day to day living expenses it is possible to use the home as security for a re-mortgage up to the age of 75, but the interest rates are set at an expensive level. This is a route taken by many pensioners who can see no other way out of their problems, or are not prepared to take on the complication of other methods. Competition in the marketplace has resulted in more flexible products being available, and a lifetime mortgage may be rather more acceptable than it appears to be at first glance. It has the very positive appeal that it can solve the problems without the necessity to move home, and is worth investigating.

Equity release is another option which helps the homeowner to avoid the need to move, although there are usually conditions which have to be met before an agreement can be reached. For example, it is likely that the person wishing to release the equity on their house will have to be above a minimum age, and the house itself will have to exceed a minimum value. Also the value of the equity release will be only a percentage of the house value and some may find the figure to be disappointing. You would doubtless make your life a great deal easier when you bank the loan, but do not expect to live like a king! One advantage of equity release is that you remain the owner of a substantial part of the value of your house, and so will still have money which you can leave to your family.

Many will probably have contemplated taking in a lodger on a rent-a-room basis. This can work well but a lot depends on the lodger you get. Taking a stranger into your home is not easy, especially if you are of advanced age, and will require some give and take on both sides. Nevertheless, over 15% of pensioners would consider this as a way out of their financial problems.

You do need to carefully examine all aspects of taking in a lodger. Speak to your tax office to establish what the effect of the extra income would be on your taxable money. Also, if you receive benefits you may well find that the additional income has an effect on your entitlements.

If someone else (such as a mortgage provider or an insurer) has an interest in your house, you must get their approval before committing to anything. It would not do any harm to also have a word with the Citizen’s Advice Bureau – they would give sound advice, and could point you in the right direction should you need further information.

If you are reading this and you are well below ‘pensioner’ age, you should take it as a warning – you could find yourself in this position unless you save hard for your pension and start doing so without delay. If you have been putting it off until you have ‘got more time’, you should realise that time is slipping by and you need to see a financial adviser and get things moving without further delay.



Repossession

 

While the statistics concerning the number of property repossessions in 2007 makes shocking reading, a report by the University of York, outlining the effects upon the thousands of families who have seen their homes become repossessed properties, is even more so.

The report says that many families suffering from property repossessions were moved to “undesirable neighbourhoods” and experienced shattering “life-style changes” that left them depressed, lacking financial resources and having no social confidence.

Last Seconds offers a lifeline to families n these or similar circumstances. We are cash property buyers in the UK, who not only buy repossessed properties, we can buy your house for cash before a repossession order or County Court judgement becomes a physical reality. In addition, we offer you the opportunity to sell your house and rent it back, saving you the expense, stress and emotional impact of having to move from and to somewhere you don’t want to.

You can sell your house for cash to us and have the deal completed in as little as seven days; we’ll pay the valuation and legal fees and you don’t have to worry about finding a buyer. If you want to remain in your home, we can organise our ‘Rent to Buy’ option and you can buy your house back over a period of time; no moving costs, no family upheaval and you can remain in the place you feel happiest.

We receive thousands of testimonials from families who say that Last Seconds have “saved us from disaster”. Call us today and take control of your future.



Sell and Rent Back