All Press Releases for August 24, 2006

A Quick Sale research reveals money, secrets and the great escape for homeowners

A Quick Sale reveals that 1 in 10 homeowners in the UK have been in mortgage arrears in the past year, as further financial hardships loom.

    /24-7PressRelease/ - EDINBURGH, SCOTLAND, August 24, 2006 - Having just been hit by a surprise interest rate rise by the Bank of England, 800,000 UK homeowners (a) are now faced with added pressure on their already overstretched finances, according to leading property purchasing company, A Quick Sale.

The new research (b) carried out by A Quick Sale has found that almost one in ten people in the UK have been in arrears with their mortgage payments in the past and could be facing repossession in the future.

The quarter-point rise in base rate, to 4.75 per cent, will cost UK homeowners collectively a massive 226,896,000 million (c), and is likely to increase the number of people in arrears in the coming months.

Richard Watters, A Quick Sale Managing Director, said: "Being in mortgage arrears is a more common problem than people think. According to the Council of Mortgage Lenders, in the first half of this year repossession figures were at their highest since 2001 standing at 8,140. This quarter-point rise will create real problems for those who are already finding it difficult to make their mortgage payments and we will more than likely see repossession orders increase as a result."

To make matters worse, according to the research findings, over half (53%) of those struggling to make their mortgage payments are too embarrassed to admit that they are having problems to family and friends.

The A Quick Sale research also identified that:
- Over a third (35%) of Brits are struggling to manage their day-to-day finances
- Nearly half (42%) won't discuss their finances with family and friends, with 22% actually lying to cover up their situation
- 17% have taken out secured loans in a bid to improve their financial situation
- One in five (20%) would never tell people if they had to sell their house due to their finances

Richard continued: "In addition to highlighting how many people across the UK struggle with their finances and mortgage payments, the research shows just how private people want their finances to remain. Many won't even turn to their nearest and dearest for help and advice in times of crisis.

"At A Quick Sale we can provide a real solution to people facing eviction, but don't want the outside world to know. Our sell-to-rent-back option allows customers to sell their homes and then rent them back for as long as required. Rental rates are set at market prices, allowing clients the peace-of-mind of staying in their home for as long as they want.

"Although we aren't able to offer the full market value of the property, what we are able to do is stop repossession orders from going ahead, even on the day the bailiffs are due to arrive, enabling people to stay in their homes and begin to sort out their financial difficulties."

A Quick Sale make a 'trade offer' for a persons home - which is usually 75% - 90% of the open-market value - and in return, offer a rapid, professional and trusted service to release equity with no added costs or fees.

There are no hidden charges - no survey fees are charged and the company will pay for solicitor's fees up to 500.

A Quick Sale prides itself on being able to offer an open, honest service to its customers. Directors and franchisees know that the packages they can offer won't be the right answer for many people and only offer a solution once all other alternatives have been explored, and if it is genuinely the best option for the client.

(a) Survey conducted by TNS (July 2006) using a nationally representative sample of 1,154 adults.
(b) 11.6 million people in the UK have a mortgage. 7% of 11.6 million is 812,000.
(c) Based on the average mortgage of 115,000. A quarter percentage point rise in interest rates on a 115,000 standard variable rate mortgage would lead to an increase of 19.56 in monthly payments. 19.56 x 11.6 million mortgage holders = 226,896,000

Notes to Editors:
For further media information, please contact Viccy Hodson, Diane Roskell or Katy Conway at Ptarmigan Consultants on 0113 242 1155 or email [email protected] / [email protected] / [email protected]

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Michael Hanna
A Quick Sale
Edinburgh, Scotland
United Kingdom
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