Second Charge Mortgage Repossessions Down A Third

admin — Mon, 15 Feb 2010 10:42:15 +0000

New statistics have revealed that in the final three months of 2009, secured loan lenders repossessed 37% less properties than in the same period a year earlier.

Figures released by the Finance & Leasing Association show that second-charge mortgage lenders took possession of almost ten percent fewer properties in 2009 than they repossessed in 2008. Overall, they repossessed 1,458 properties in 2009, 9.2% down on 2008 and below the FLA's original forecast of 1,522.

Fiona Hoyle, head of consumer finance at the FLA, says: "Second charge lenders are doing all they can to help customers in financial difficulties and this is reflected in the low number of repossessions. But many people are still struggling with repayments and this looks set to continue during 2010. Repossession will remain a last resort."

If you are struggling to pay your second-charge mortgage you should not assume that your lender simply will not repossess you because they are showing more forbearance – if you do not act right away your property is still in jeopardy.

To make sure you are one of the lucky ones who does get to keep their house, you need to be proactive. Talk to your lender, your mortgage broker, debt advisers or debt charities – do anything, but make sure you tackle the problem head on, right away.

SOURCE: FLA, 11/02/10

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Is It Time To Consider Loan Refinance?

admin — Wed, 20 Aug 2008 10:45:54 +0000

The process of loan refinance is a way of moving your finances around to make sure you get the best rate possible. By deciding to look at taking on a loan refinance deal it will allow you to update your borrowing needs in the same way that you would update your mobile phone, car or home. If you are finding your monthly repayments are costing you more and more it may be time to take a look at loan refinance. By taking out the loan it will allow you a fresh look towards your finances, so you can put them back on track with minimum fuss. And by choosing loan refinance you can save money, keep our peace of mind and even, if we need to, raise even more money.

Secured Loan Blog » Refinance Loans

Second Charge Mortgage Repossessions Down A Third

Is It Time To Consider Loan Refinance?