House Repossessions have increased by 31%
Shocking Statistics Just Released.

It would appear that the recent hikes in interest rates have been hitting home owners hard. 77 houses are being repossessed every day in the UK and this would mean a staggering 27100 households potentially homeless this year. This is a huge increase on the same time last year and the largest rise seen since 1997.

Homeowners are facing a bleak time, but one way forward would be to try and consolidate all your existing unsecured lending. It may be possible to raise this additional money through re-mortgaging but you need to be completely honest with your finances.

First step would be to hunt out all of your recent credit and store card statements. Request up to date balances on any loans you have and check your overdraft limit. Use the downloadable Income and Expenditure Calculator. Fill in all of your income and expenditure and the form will automatically work out if you have any surplus after all expenditure has been allocated.

It is possible to come out the other side and still own your home but the road will be a tough one. As soon as you start to experience difficulties paying your mortgage contact your provider immediately as there may be ways in which they can help you. Many offer fixed rates so you would know exactly what your payments will be for the next 2, 3,5,10 years. You may be able to take a short payment holiday or reduce your payments for a couple of months.