Prevent Home Repossession

The Royal Institute of Chartered Surveyors (RICS) has predicted that house prices will remain broadly unchanged in 2008. Despite this they believe that repossessions could rise from 30,000 to 45,000 a year. The Repossessions Advice Centre advise homeowners to act immediately to any repossession situation and explore the options available. Paul Fletcher, Director of the organisation said " There are options available, so its far better to address the situation before it happens, to really sit down and budget yourself for the next year."

Jerome Thompson from you-can-remortgage, explained " homeowners should go to lenders to explain the situation but there is little point in commiting to a payment plan unless they are sure that it is affordable. I do not advise burying your head in the sand, the problem wont go away but taking early advice and producing a budget plan for the next year before approaching the lender, could avoid a huge number of repossessions."

www.you-can-remortgage.co.uk