Bulgaria Looking Very Good, Can We Say The Same For The UK?

Reports last week showed that the Bulgarian property market is looking very good and is predicted to continue on this path, but the same can’t be said of the UK Property market.

Repossessions are up by 21% and there are no signs at the moment of this decreasing as the CML have predicted that this will continue in 2008.

The number of homes repossessed in 2007 was 27,100 the highest since 1999.

Many factors have contributed to this increase including, added pressures on homeowners owing to higher energy bills, food costs and more than a million people coming off fixed-rate mortgages.

Statistics revealed that many home owners are paying their mortgage with credit cards, but many credit cards companies are reducing lending facilities in light of the latest credit crunch.

A lot of home owners feel that there is no other way out of this predicament but to allow repossession, but there is!!!

You can contact your lender and re-negotiate with them and if this does not help you could if not tied in arrange another mortgage with favourable terms; you can also arrange another credit card with more favourable terms like 0% interest on balance transfers.

We have looked at the most popular and favourable mortgage terms and credit card facilities on the market today and we found in the long term the Post Office are offering really good rates of 5.99% fixed for three years and their credit card facilities come with 0% interest on balance transfers.

There is some good news, some of the biggest lending companies have reduced their rates by 0.25% but it still maybe a little to late for some whom have already lost their home to repossession and are now facing Bankruptcy.

If you are facing similar issues don’t delay contact your Mortgage Company or find another with preferential rates.

To find out more about the rates offered by the Post Office Visit Bis-Perth Mortgages