Mark Carney will today announce new measure to try and take the heat out of the housing market. For the majority of us, buying a house isn’t just about bricks and mortar. The most important building block is the finance. And debt. Increasingly today we see families borrowing so much that it leaves them facing huge problems.
George Osborne said,
“I want to protect those who own homes, those who aspire to own a home. And protect the millions who suffer when boom turns to bust.” So much for a well thought out theory. What about real life, away from the clinical economic playground? Those who want to buy a house are facing a mounting challenging as mortgage lending has dropped significantly in the last four months.
Whilst potential home-buyers are unable to afford the increased cost of a property, let’s spare a thought for those hundreds of thousands of homeowners who are in a distressed state. Mark Carney’s speeches certainly make for good headlines and column inches. But how about concocting some well thought out words to help those homeowners who are actually in the throes of financial crisis? Perhaps the speechmakers have forgotten to add the grim but very real statistics that show that repossessions are expected to soar to a 15-year high this year, and that the term coined, “The Year of the Repossessions” has not been conjured up from fantasy.
A spokesperson for Rescue My Properties said,
“The impending interest rate hike will push the average homeowner to their financial to the limit. “We have already seen the detrimental effect of people lumbered with huge mortgages. “The banks may well be taking measures to avoid a future crisis. But where are their tools to help those already beleaguered in debt?
“At Rescue My Properties we have helped over 3000 clients in the past 8 years to deal with their property related problems and get rid of crippling debts.”