We have all heard it on the news, about all the people who took out a 100% mortgage with Northern Rock - well, as we first warned eariler this year a significant number of people coming of fixed rate deals can't afford their high standard variable rate. To add insult to injury, there are no other 100% mortgages available so transfering to a cheaper lender is not an option.
This left Mr & Mrs Young Couple is a tricky situation to say the least. After much thought and many emails back and fourth with help and advice about mortgage arrears and repossession they decided the best plan of action would be to sell their home quickly for cash and move in to rented accommodation "whilst the dust settled". We found some good alternative cash offers from nationalpropertypurchasers.com - a well respected professional property buying company.
They found a rental property really quick, and turns out they save over £300 per month renting instead of buying!!
Wednesday 23 April 2008
Wednesday 9 April 2008
If wishes where horses (case study: nasty fall almost costs a riding intrustor her home and business)
This lady had worked hard to build up her own riding school, it wasn't huge, and by all accounts bloody hard work - but it was her dream come true. That was until a nasty fall from a new horse left her unable to ride or handle horses. This of course meant she had to hire people to keep her business going - something she couldn't really afford to do, but as she didn't know how long she would be out of action it was the only possibility. Sadly this also meant selling on a few of her horses to keep the costs down. Things did not improve and soon the debt mounted up - being self employed meant she got very little help from the government.
To cut a long story short her dream home and stables where at risk of being repossessed. Even at this stressful time I recall her being more worried about her horses being homeless than herself! Anyway, thankfully she got in touch and we came to an unusual arrange, but one which suits Miss horsey gal (and her horses) perfectly. Basically the property was split so the house was one part and the stables, barn and fields another. To keep her bank happy we agreed to buy the whole lot and with the equity she had built up in the property she bought the stables, barn and field back at a pre-agreed price. We also arranged for her to rent back the house on a long term lease. As complicated at this sounds we got it all sorted in 2 weeks, and there was even some cash left over from the sale which went straight to Miss horsey gal which no doubt helped reduce some financial worry and gave her time to concentrate on making a full recovery - which she did by the way :)
To cut a long story short her dream home and stables where at risk of being repossessed. Even at this stressful time I recall her being more worried about her horses being homeless than herself! Anyway, thankfully she got in touch and we came to an unusual arrange, but one which suits Miss horsey gal (and her horses) perfectly. Basically the property was split so the house was one part and the stables, barn and fields another. To keep her bank happy we agreed to buy the whole lot and with the equity she had built up in the property she bought the stables, barn and field back at a pre-agreed price. We also arranged for her to rent back the house on a long term lease. As complicated at this sounds we got it all sorted in 2 weeks, and there was even some cash left over from the sale which went straight to Miss horsey gal which no doubt helped reduce some financial worry and gave her time to concentrate on making a full recovery - which she did by the way :)
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