Repossessions at an all-time high

The amount of homes being repossessed has sharply increased by 71% in the second quarter of this year in comparison to the same period a year earlier. The Financial Services Authority have recognised that the number of people struggling pay their mortgages is increasing, with repossessions having risen since September last year.

The startling upturn of repossessions has been recognised by The Council of Mortgage lenders who have predicted that the number of home repossessions in 2008 will total around 45,000, up from 27,100 in 2007. The increased number of repossessions is likely to have been impacted by falling house prices. New statistics released by the Nationwide have revealed that the average house price has dropped by £30,000 since property prices peaked last year.

With property prices decreasing, an increased number of people are falling into negative equity and therefore cannot afford to meet mortgage payments. In turn, the risk of repossession increases when homeowners fall behind on payments in three consecutive months. Homeowners worst affected are those who bought their homes at the peak of the property boom with the value of mortgages largely exceeding the value of their homes. The struggle for homeowners is worsened by rising household costs including the cost of energy and food.

It has been predicted that 1 in 9 homeowners will be in negative equity if house prices continue to fall at the same rate in the next few months. The Prime Minister, Gordon Brown, announced that mortgage lenders must provide other options to help people stay in their homes in order to levy the amount of repossessions that occur.

As repossessions are at an all time high, many people who cannot afford to repay their mortgages are becoming increasingly concerned that their home will be taken away from them. That’s where Swift Capital can help. We specialise in helping those who are at risk of repossession by buying their homes from them.

If you are struggling to meet mortgage payments and want to sell your home fast, we can make this possible by offering up to 80% of the value of your home. We provide a quick solution to the problem our service is simple and honest and we will ensure that you are happy with every step of the process with no hidden costs or extras and can guarantee a quick sale of your home. Contact Swift Capital today to see if we can help you out of your difficult financial situation.