Lending Rates Falling
Friday, February 8th, 2008
It was interesting to read that the US Federal Reserve cut interest rates by 0.75% yesterday in a bid to try and stave off the looming recession facing the American economy. It is unfortunate that they are now suffering through lack of forethought from dropping interest rates down to a record 1% back in 2001. The most unfortunate part about it, is the impact this is now having on the economy in the UK which could now suffer as a direct result of the US being too ‘free and easy’ with their lending criteria.
Here in the UK, it is likely that interest rates will fall next month and many are predicting that the downwards trend of interest rates will continue for at least the next 12 months. However, what is not being covered in the press is that anyone without a ‘whiter than white’ credit history is now being faced with increased costs as far as borrowing money is concerned. Many mortgage products that were offered at very competitive and discounted rates some 3-4 years ago are now beginning to expire, and those who want to remortgage are being faced with a very difficult time.
It is saddening to think that many people are being forced out of their homes through repossession through a weak link in the banking system which allowed people to borrow lots of money when the banks thought it was ok to do so, and now, realising they have made some mistakes, are making homeowners up and down the country pay for it. Somehow, it doesn’t seem fair!
The number of repossessions are rising, however people are looking at other options rather than just losing their home to the bank or building society. A company such as mine aims to help people who are in this very stressful situation by buying the property from the homeowner (thereby relieving them of the mortgage and monthly payments), and then renting it back to them if they want to, or allowing them to move out should they so desire.
If you, or anyone you know is facing this situation, we can help! We move very quickly to prevent anyone being repossessed and offer tailor made solutions to each individuals circumstances. If you would like to find out more, please call 08000 688 334 or visit www.regal-property-services.com We can also help to save you money on your monthly utility bills as an added benefit of contacting us. Your enquiry will be dealt with both professionally and courteously and in the strictest confidence.