Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

FINANCE

Tempted by some of the lowest interest rates ever seen, first-time buyers have been on something of a spending spree over the past few years.  Unfortunately, evidence would also suggest that a growing number of home buyers are now running into financial difficulties.

Repossession rates are nowhere near as high as in previous years but are rising.

Faced with the prospect of repossession, struggling homeowners can find themselves with nowhere to turn. Major banks and lenders typically are not always interested with borrowers struggling with existing debts, which in some instances can make the whole situation void.

An Alternative Option to Repossession

Defaulting on a mortgage means facing one of two equally challenging eventualities:

  1. Quickly finding the money needed to pay off your mortgage balance
  2. Allowing the bank to take ownership of your home and moving out

With the latter of the two options representing the worst possible outcome, all efforts should be made to repay the outstanding mortgage balance to avoid outright loss. This is precisely where affordable bridging finance can help to prevent repossession i.e.:

The above scenario is a far preferable option to repossession for two important reasons:

Firstly, when a bank repossesses a property and sells to recoup the monies owed, they do not always receive the best price.

Secondly, repossession proceedings can be extremely expensive, and all costs are picked up by the debtors.

Repossession often sees those concerned coming out with nothing.  Debt repayment with bridging finance can be a far more cost-effective option

Always Act Early

The moment you encounter (or even anticipate) difficulties with your mortgage repayment obligations, it is essential to act. The longer you leave it, the more costly and complex it could become to reach an amicable resolution.

By consulting with an independent broker at the earliest possible stage, you will gain invaluable insights into the available options and which best-suits your requirements. In addition, you should always consult with your lender upon encountering financial issues of any kind, as they may be able to help you through them.

For more information or to discuss your requirements in more detail, contact a member of the team at UK Bridging Loans anytime for an obligation-free consultation.

This is a Sponsored Feature.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts