End of fixed-rates spells trouble for many say National Homebuyers

Many people face financial difficulties because they are coming to the end of fixed-rate deals.

[UKPRwire, Fri Dec 28 2007] The Association of Mortgage Intermediaries (AMI) points out that there is a real danger ahead for many borrowers.

Chris Cummings, director general of the AMI, wants mortgage intermediaries to do more to help borrowers out of financial difficulties.

"Borrowers who are coming out of fixed-rate mortgages may find the sudden hike in payments a huge shock and suffer financial strain as a result," he said.

"Lenders and mortgage intermediaries, working together, have a role to play in supporting clients and we should do all we can to prevent them entering into financial hardship and potential home repossession," added Mr Cummings.

Many homeowners may turn to a fast property sale in order to help them out of financial difficulties, rather than relying on the industry.

In addition, an increasing number of people are entering into Sell and Rent Back schemes as they struggle to stop repossession and recover from their financial difficulties. Sell and Rent Back provider National Homebuyers says people need to act quickly.

"Homeowners need to act very quickly to avoid financial problems and avoid the potential threat of repossession" says director Julian King.

"If a fast property sale is needed, the homeowner needs to be aware that the severe lack of buyers will not afford them the necessary time to achieve a quick sale. They will need to look at other options".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.

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