The alarm is ringing loud and clear for homeowners nationwide, as the number of mortgaged properties taken into possession in the first quarter of 2023 has been revealed. Shockingly, this number has climbed by 50%, a huge jump from the previous quarter’s figures. Industry experts are now weighing in on this concerning development.
Samuel Mather-Holgate of Swindon-based advisory firm, Mather & Murray Financial, expressed his thoughts on the news, “This data will come as a crushing blow to many families across the country who may have already been struggling to meet their mortgage payments during these trying times and the spring season. More than ever, homeowners will need to redouble their efforts and gauge their current financial positions and prospects to best determine their best courses of action.”
Indeed, with house prices seeming to countless the sky, the tough financial climate could be insurmountable for owners of mortgaged properties. “Before exploring any of the options available,” Mather-Holgate advises, “it is crucial to assess the current situation to ensure a worst-case scenario can be avoided, if possible. The first being to be mindful of the options available, whether those relate to renegotiating debts or restructuring payments plans.”
When it comes to those already in too deep, legal and financial help must be sought. “In situations where these efforts are not enough, it is strongly recommended to seek out legal advice to ensure that the consequences are reduced and manageable.”
To those still in possession of their properties, vigilance is key. “It is important to remain closely aware of the situation,” Mather-Holgate adds, “Primarily to be able to identify any warning signs or red flags that could alert you in advance of the risk of being unable to reach an agreement on mortgage payment. In such a situation, seeking early advice could be beneficial.”
No one can deny the devastating reality of the situation, and thus it’s clear how critical it is to be aware of the various solutions available. There is still a silver lining in the situation in a hope that coming together and supporting each other is the only way out of this disastrous curveball. It’s important to remember that there is always a light at the end of the tunnel, and with the right measures in place, these tough conditions can be navigated.
The severity of the issue facing homeowners around the country has become painfully clear. An alarming 750 mortgaged properties were taken into possession in the first quarter of 2023, a whopping 50% more than the previous quarter, prompting experts to share their input.
Samuel Mather-Holgate of Swindon-based financial advisory firm Mather & Murray Financial weighed in on the news, “This data will hit many families across the country hard, many of whom have already been suffering financially during this period of uncertainty and disruption. It’s crucial for homeowners to carefully evaluate their capacity to meet mortgage payments and to consider options that could help prevent their worst-case scenarios from becoming a reality.”
Indeed, with house prices going through the roof, those already having financial issues can find the situation practically insurmountable. Mather-Holgate urges people to, “Seek out legal advice to ensure that any consequences can be minimized and keep an eye out for any warning signs that an agreement on payments won’t be met, so that early action can be taken.”
It’s not hard to see why this difficult news has sent shockwaves across the nation. It’s crucial that we remain aware of the solutions available and support each other during this crisis. With the right measures, this low point can hopefully be navigated with minimal impact.