A lot has been said about the now-infamous credit crunch and its effects on ordinary Britons.
Newspapers, online property sites and news portals have published countless reports about the above-mentioned effects. However, UK residents do not need to read the newspapers to know that their budget is taking severe strain. Recent interest rate cuts by the Bank of England have done little to alleviate the budgetary strain, as the prices of food, services and day-to-day necessities continue to climb.
The effect of the credit crunch on UK homeowners is another hot topic on the news wires. Homeowners, already battling to keep up with rising mortgage payments, might have to resort to a private property sale to get rid of some debt.
However, with house prices falling, and the number of property mortgages being awarded slumping to its lowest level for 16 years, private property sales could be easier said than done.
Speaking at the Council of Mortgage Lenders’ annual lunch, CML chairman, Steven Crawshaw, said that mortgage funding could be cut in half in 2008 if no additional funding is received from the Bank of England. This effectively results in fewer potential buyers for your house, pushing up the time your home will have to spend on the property market.
MPG Investments is a cash-funded private investor that offers a quick house sale for a guaranteed cash sum.
While private property sales could cost thousands of pounds in legal fees, HIP fees, marketing costs and additional mortgage repayments while your house in on the market, MPG won’t charge you a penny while they buy your house in only 7 days.