Kensington Financial Management
Debt Management – Home Sale Difficulties
The state of the economy and housing market is already having a profound effect on the capacity of many homeowners to make ends meet. Debt management will be more pressing as selling a house becomes more difficult.
As anyone who currently has their property on the market will already know, the state of the housing market is in disarray and the capacity to sell ones home is severely diminished. In terms of debt management, this is plunging many homeowners into a financial predicament that is very difficult to resolve; particularly for those homeowners who are selling their property as they can no longer afford their mortgage repayments. There are very few new buyers venturing into the market and those who are already on the property ladder are shying away at present through fear of being bitten by the credit crunch and plunged into negative equity.
Debt Management – Home Is Where The Debt Is
According to research carried out by Quickmovenow.com the ability for homeowners to successfully sell their home on the open property market is rapidly evaporating more or less across the country as a whole, with very few areas remaining untouched from the current trauma in the property market. This is having a significant impact on the debt management capabilities of homeowners who are saddled with a mortgage that they cannot afford and a home that they cannot sell. According to the research conducted, approximately half of all the property purchases are actually falling through before completion and this is plunging many homeowners into a debt management nightmare. Many require the equity release from a home sale to tackle debt management issues bought about by spiralling living costs and the credit crunch but if a sale falls through at the final moment it can leave many in a financial precarious situation.
Debt Management – Turbulent Market
The speed with which the property market has taken most homeowners by surprise and many are experiencing extensive debt management problems as a result. A combination of factors, such as coming off fixed rate mortgages, soaring costs of living and the effects of the credit crunch have all come together to make debt management for many an extremely difficult proposition and left them in a vulnerable situation financially. Property expert Hywel Luke looks at the impact of home sales falling through on debt management plans and states, “Sellers will also lose out financially, with cost sunk into solicitors, estate agents, home information packs, survey and mortgage fees, often in excess of £2000. They will also remain exposed to the changing market conditions.”
Speak to Kensington Finance for debt consolidation and debt management solutions.
Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It’s our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.
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