Acquiring finance for any project, whether that’s residential or commercial property investment or a separate investment idea, has becoming increasingly difficult in the past 20 years. Banks and financial institutions have tightened lending criteria and the days of interest free mortgages, 100% LTV deals look to be over. On the plus side, interest rates are at historic lows and those old enough to remember the late 80s wince about the 15% APR mortgage rates so common then.
People still run into difficulties now too – with the stakes being arguably higher than the 80s because property is worth so much more now.
The average property price in 1987 was £40,000, in 2018, it’s £300,000.
M8 Financial often get asked to help people and with our three cornerstone principles being: Flexibility, Certainty and Speed, this comes greatly into play when homeowners hit financial straits.
Take this family who we helped recently.
Their home was under threat of being repossessed, a nightmare for anyone, due to an accumulation of missed mortgage payments. The issue had progressed as far as a sheriff’s date being set to recoup the arrears but we were able to get a postponement of the hearing and restructure that increasing debt.
This meant that the family could remain in their home and the stress of potential repossession was lifted.
We can’t promise fairy tale endings for everyone who contacts us – but if you’re facing financial problems, it’s imperative that you do something about this.
If you’re missing payments and estate agents, banks and solicitors are becoming involved, you need independent advice and help.
We’ve obviously anonymised parts of this case study for confidentiality but, in essence, all aspects of it are true.
M8 Financial can help you, whatever your circumstances.
Contact us today via email or telephone.