Repossessions 'on the increase' says National Homebuyers.

PRLog (Press Release) – Jun 11, 2007 – Following the Bank of England's decision to raise interest rates four times in the last few months, many landlords are finding themselves with mortgage repayment commitments they are unable to meet.

Speaking to the Guardian newspaper, Julien Holmes from Crown Mortgage Management said that there had been a significant increase in repossessions in recent weeks, because first-time landlords had been overly reckless with their investment.

"If you have to borrow a large amount because it seems everyone else is doing it [buying property to let] and you don't build in cover for that risk, you are going to be struggling," he told the newspaper, adding that the large number of landlords now present in the market also meant that demand for rental property was not as high as it could be.

Julian King, director of National Homebuyers says: "Landlords can only be able to avoid the repossession of their properties if they can sell them on in time.

"National Homebuyers is the UK's leading fast home purchase company, buying thousands of home to solve peoples financial and accommodation problems.

"We have been inundated with enquiries from people who are facing repossession and have no longer have the time available to them to sell through estate agents. The average selling time now is over 11 weeks.

"National Homebuyers arrange an immediate offer on each property and we complete at a time to suit the vendor."

National Homebuyers is the only UK company that will arrange for a fully qualified RICS Chartered Surveyor to assess the value of each property, to ensure that their offer is based on a reliable source. Further information can be found at www.nationalhomebuyers.co.uk/index.asp.