Million face battle to stop repossession in 2008 according to National Homebuyers

Many homeowners may find themselves struggling to stop repossession in 2008.

[UKPRwire, Sat Dec 08 2007] That is according to John Charcol, which says that the global credit crunch and the tightening of the sub-prime mortgage market will lead to a "quite a sharp increase" in repossessions.

With this in mind, many people will be seeking a fast property sale in order to stop repossession before its too late.

"Unfortunately I think there is little doubt that there is going to be quite a sharp increase in repossessions next year," said Ray Boulger from John Charcol.

"I think it will be mainly from people in the sub-prime category who are struggling to get a remortgage and can't pay their existing lenders' higher rates," he continued.

Fast cash for homes expert Julian King adds, "Our analysts are confident that even with a prospective rate cut this week, repossessions by the end of the year will be around 30,000.

"A further 15,000 repossessions will be made in 2008.

"Financial concerns are at the forefront of many homeowners in the UK and National Homebuyers are already assisting thousands with a quick sale or Sale and Rent Back solution to avoid repossession".

Mr King is a director of National Homebuyers, the UK's largest quick property sale firm and the UK leaders in Sale and Rent Back agreements. The company guarantees a fast property purchase for homeowners who need to sell quick.

The Council of Mortgage Lenders recently warned that many more people will be trying to stop repossession in 2008, anticipating an increase of 50 per cent.

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