Stop Repossession Now as more Borrowers are under Threat

More borrowers are having to find ways to stop repossession now, before it’s too late.

A recent story in the Daily Mail highlighted the on-going repossession risk. Some borrowers have to act fast and find ways to stop repossession now as a result of poor mortgage advice. The newspaper profiled the story of a nurse, Bola Eriksola, who thankfully won a reprieve to stop her home from being repossessed. After working as a nurse for 20 years, she had never had any problems with debt before. And the story reveals just how vulnerable all sectors of society are from the repossession risk.

Stop Repossession Now – Dodgy Mortgage Deals

The nurse found herself trying to stop repossession fast after remortgaging her £192,000 home. Her mortgage rose from £117,000 to £147,000 as she attempted to clear her debts. But her broker didn’t explain that the fixed rate for two years would change from 6% to 9.7% pushing her monthly mortgage payments up to £1,500 (from £900). There are thousands of homeowners who have to stop repossession now as a result of rate change shocks. The nurse’s mortgage accounted for 80% of her take home pay and was simply not maintainable.

Caught out by Rates

The Bank of England dropped the base rate during the recession to try and make things easier for homeowners. However, many lenders simply didn’t pass on these cuts to their client-base. There has been much criticism against those lenders who are unregulated and secretive about charges or rates. Unscrupulous lenders have resulted in many homeowners finding themselves facing up to the repossession risk. If you fall into arrears, you may find yourself having to stop repossession now. Even if you have no difficulties in maintaining a career and steady income, you could be vulnerable as Bola’s case highlights.

Desperate to Stop Repossession Now

There are many reasons why you may find yourself unable to meet mortgage payments. Aside from a period of bad luck or financial strife, excessive and unrealistically high mortgage rates can also be a major factor for thousands of homeowners across the UK. If the courts had ordered repossession for the nurse, she could have been forcibly evicted within a month. Her case was picked up by the Daily Mail and a pro-bono basis law firm helping her stop the repossession order. But the newspaper warns that this could be just a reprieve as Bola is still stuck with the high mortgage loan. The story reveals the unspeakable misery that misjudged mortgages and debt can bring. And there are thousands of ordinary working people like Bola desperately trying to stop repossession now.

Do you need to stop repossession now? Move Quickly can help

Don’t be a victim – you can stop repossession with the right help and advice. Speak to Move Quickly, call today on 01302 722 900.