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Be on guard – Lenders repossessing before exhausting all options

[ Posted December 29th, 2009 ]

New agencies have lately discovered that many lenders throughout the UK area have not been exercising all options available to them before taking residents to court and forcibly repossessing their homes when they fail to make payments regularly. These lending agencies are typically sub-prime lenders that specialise in bad credit mortgages and mortgages for low-income families that handle many of clients that leading loan companies couldn’t serve for one reason or another.

On the other hand, although some mortgage companies are taking many people to court before exhausting all options available to them there are quite a few other positive signs as well that point more towards positive trends in 2009 rather than negative ones. The most blatant one of these is the simple fact that foreclosures in general are significantly lower than what was initially anticipated to occur this year, with the Council of Mortgage Lenders (CLM) lowering the expected foreclosures for the year to a mere 48,000 homes last month from the initially anticipated 75,000 earlier on.

Despite the ongoing dodgy economic situation that we are still finding ourselves in this is mostly due to many efforts that have been made on the government’s part to provide support for families in needs, such as the Support for Mortgage Interest (SMI) scheme that allows people to seek state-sponsored help in achieving a much more reliable and most likely easier to afford mortgage option than might be available to them otherwise. This is particularly helpful for those looking to re-mortgage their home in order to take advantage of superior rates if they quality and it could mean the difference between maintaining your home or finding yourself out on the streets.

That said, be wary about committing yourself to dealings with many of the sub-par lending institutions out there, and be sure to explore all state run or alternative options available to you before making a decision. It could be the difference between you losing your home in the coming months or years or being able to live there indefinitely with little to no worry.

Commercial Property Still Feeling Effect of Recession

[ Posted December 28th, 2009 ]

The British Property Federation has recently declared that commercial property throughout the UK is still feeling some of the effects of the recession, as director of policy Ian Fletcher states that commercial lots were late to feel the effects however will also be late in recovering from them. As a result many retail occupiers of commercial space are beginning to go out of business, adding additional strain to the commercial property sector as the rest of the economy is just beginning to recover from record lows earlier this year.

This trend is paralleled by virtually all commercial property throughout Europe, as investment revenue has dropped approximately 40% over 2008 numbers for both the continent and the isles. For many owners and investors this has meant bad news since October 2007 when the economic recession first hit full-swing, however this could also mean potential opportunities for those looking at the other end of the spectrum.

With prices continuing to fluctuate across the UK commercial property board this could open up many doors for new ventures as older businesses that once held key commercial space are closing down permanently. Given a condition such as now where the UK’s commercial property investments are the top in Europe – accounting for nearly 38% of all direct investments in commercial land with a grand total of 25 billion Euros in 2008 – and many investors are overly focused on some particular main available locations the current trend may open up new investment doors that may not have been available just a few short months previously.

Along with the fluctuating markets also anticipate banks to be offering better mortgage rates to investors in order to stimulate the economy and encourage a positive trend in 2010, especially in the commercial real estate sector in order to allow for businesses to maintain some strength as the economy is beginning to recover. Be on the lookout for beneficial fixed mortgages as well, as these may be quite positive in the early 2010.

Mortgage Offerings Increase After Summer

[ Posted December 27th, 2009 ]

The number of mortgage offerings made available by banks throughout the greater UK area has taken a sharp increase since the summer months, offering significantly more options for either current or prospective home owners. This is great news for first time buyers looking to purchase their own home this winter, as more options means more chances to save at the bank.

The reason for this shark incline at the end of the year is due to the fact that many real estate sectors throughout Europe as a whole have been facing some major challenges recently, particularly with the commercial real estate market in the UK.

In an effort to stimulate investor confidence in the UK real estate and housing market many new offerings have been made available for both first-time buyers and well established real estate investors looking to expand their portfolios.

For most people this increase in options has been a blessing, particularly for those who have developed some less-than-shining credit since the economic recession first started hitting most sectors, though for others they see the potential for overseas mortgages to draw in additional outside investors that could continue to cause the market to be too competitive for most people to easily enter or maintain any good position in.

These offerings are also helping pave the way for the expected growth in the real estate sector starting early next year, as 2009 showed a 40% drop from 2008 figures, yet at least a 20% increase is expected to be seen in 2010 following the economic turn-around. Taking advantage of what is available now may seem risky, yet at the same time it can help protect you from potential bad rates later on down the line as the market recovers more and opportunities pass you by. If you can afford it this may even be an especially good time to even buy to let rather than for personal use as the affordable rates made available may make this a profitable venture, much more so than in previous months.

 
 
 
 
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