Some of the latest UK statistics show that more than a million people will find their current fixed rate for their mortgage coming to an end in 2008. This means they may have to pay an average of ?140 more each month, unless they can re-mortgage with a correspondingly low interest rate as the one they had before.



The economists don't paint a brighter picture, saying that just a small increase in interest rates will spell financial doom for many. This they consider will create a detrimental snowball effect on the whole economy and see many fighting with debt repayments and having to sell their home or even finding themselves being repossessed. Obviously this increases the supply and will in turn reduce house prices.

If you have any concerns regarding repossession, this article is aimed at helping you. Firstly lenders will take proceedings because the terms of your mortgage say they have a right to if you have two months arrears. Most lenders however will usually try and come to an understanding to help you clear the arrears before starting proceedings.

If a resolution is not possible your lenders will get their arrears department to chase missed payments. This will continue for no longer than six months when your account will be refered to their solicitors and you will be warned that if you do not clear your arrears that repossession will take place.

If you are not in a position to do anything about your situation then the solicitors will instigate County Court proceedings for repossession of your property and a hearing date will be set. It is never to late for a resolution and the courts will give you further time to pay your debt. However if your circumstances don't allow for this, the lender will be given right to possession, usually this is set at 28 days.

On the designated date a court bailiff will arrive at your home with a locksmith and the lenders agent and they will take formal possession of your house. This is indeed an extremely sad day for all, but one which could have been avoided.

There are many house sale specialists operating throughout the UK. One well known one is An Instant Sale in Leicester. They specialize in buying properties fast, for cash and the sale is guaranteed. They can stop repossession at any stage and can achieve a sale in as little as seven days. There are no valuation charges to pay and no solicitor's fees.

If you do not wish to move from your home they can buy it from you, allow you to clear your debts, return any equity to you and then allow you a rent back option. At this time you will also be given a fixed price to buy your house back in the future if you circumstances change.

Although these companies do not offer full market value on your home, offering usually between seventy five and ninety percent, you will find that when you weigh this up against either waiting your time out with an estate agent and paying their fees or the risk of losing your home, then the difference is very little.

What I consider best about this is the option to remain in your home, the children will not need to be removed from their schools or friends and no on at all needs to know about it. That is, unless you choose to tell them.