Thinking of Borrowing more money?
February 25, 2010
If you are struggling to pay your mortgage, you may be tempted to pay off your mortgage arrears, your other debts and get extra money to deal with future problems by arranging a second mortgage or getting a secured loan – but these options will simply increase your overall debt.
If your problems stem from the fact that you are on a low income, borrowing more money is not the answer & is also likely to increase your debts and your difficulties in repaying them in the long-term.
You can also arrange to switch lenders (re-mortgage). However, you may be faced with higher interest rates, which means larger monthly payments, large arrangement fees which are added to the loan, and a shorter period to pay off the loan. If you fail to pay what is due, your home is at risk. You should therefore always get advice before trying to borrow your way out of difficulty.
There may be other ways to reduce the amount you pay each month, particularly if your problems are only temporary (eg because you will be starting a new job soon, or you are trying to sell your home and move somewhere more affordable).Always contact your Lender to see if they can help you in any way!
If you feel your problems are long term, then please call us here at Equity fast to see where we can help you with that very much needed house sale. Freefone 0800 0122829
New figures for People claiming Dole is rising!
February 17, 2010
The number of people claiming unemployment benefits in January unexpectedly rose, raising fears than the UKs economic recovery is not as strong as expected. The total people claiming increased to 1.64 million in January, the worst figure since April 1997, just before Labour was elected into power.
Between the months of October and December, Britain’s part-time workers rose by 25,000 to 7.69 million while those in full-time employment fell by 37,000 to 21.2 million.
Thousands of job losses are anounced all the time, Birmingham City Council is planning 2,000 cuts & Bosch has confirmed 900 losses in south Wales. Unless the economy gains significant momentum in the near future, we suspect is a significant number of firms may well decide that they really cannot hold on to some of their workers any longer.
Some good news, the number of young unemployed, aged between 16-14 years old, fell in the three months to December by 13,000 to 923,000. One in five young people are still out of work. Too often these young people face a downward spiral towards a loss of self-esteem or even drug/alcohol addictions. As a result they are less likely to find work and hang onto it in the future!
UK suffers a surprise drop in mortgage approvals!
February 16, 2010
UK mortgage approvals unexpectedly fell in December for the first time in more than a year,
Loans of 59,023 were granted last month, down from 60,045 in November, according to figures released on Monday by the Bank of England.
City economists had been expecting a number of 61,800.
Both Halifax and Nationwide, which producer the two most widely-watched indices of UK house prices, have both suggested that the rally in prices is likely to stumble this year, as the economy struggles to recover.
Credit availability is still restrictive,” says an economist in London.
There is still a huge debt burden in the household sector, and risk of new deterioration in the labor markets if the government decides to curb public spending.”
Home reposessions highest since 1995
February 12, 2010
Home reposessions have risen according to recent figures.
Around 46,000 people sadly lost their homes in 2009 the highest since 1995 and 15% more than 2008, according to the Council of Mortgage Lenders.
These figures were down on them predicting the figure would be around 75,000.
Through rising unemployment, fewer people lost their homes than expected, this was down to low interest rates & the Government schemes introduced to help people who were struggling to keep up with their ongoing mortgage repayments.
The prediction is 53,000 reposessions will take place and 205,000 people will end up in arrears by the end of 2010.
Avoid loan sharks like the plague!
February 11, 2010
Loan sharks may seem the easy way out when your feeling the financial strain. Please be assured that they are not!
You may feel your in a dilema before contacting one, but once involved you will only find youself in a much worse situation.
The amounts they charge you to borrow money are extortionate.
They will constantly harass you if you fall behind with the repayments.
You will be pressured into borrowing more money to pay one debt with another.
My advice to all out there is to stay well clear!!
Who can help when your in financial difficulty?
February 11, 2010
We at Equity fast are investors who can get you on the move with that hassle free house sale.
• You will have no worries that the house chain will collapse
• No stress of dealing with pushy Estate Agents
• No time wasting viewers who can’t afford your home, have no intention of purchasing it & think its fun to spend the day looking at houses only to get the sellers hopes up!!!
• You wont have to worry about losing out on that dream home you may wish to purchase
We act quickly with that professional approach & guidance through to the completion.
If you are in arrears with your mortgage repayments, & see no light at the end of the tunnel.
Please don’t just sit there & hope this situation will go away as it wont!
Please call us on our freephone telephone number today 0800 0122829 to have an informal chat with one of our friendly, understanding & professional consultants. Alternatively you can email us at info@equityfast.co.uk
