News that one of the oldest investment banks has gone under, hit Wall Street and The City of London like a lead balloon. Financial markets around the globe responded by nose-diving 200 points.

It is widely thought that sub prime lending was ultimately responsible for Lehman Brothers collapse. With nearly 16 decades behind them, the markets took note that the credit crunch is in full flow.

Lehman Brothers has a global wage bill believed to be around £42 million pounds, which the administrators say may not be paid in full. Scenes of distraught workers leaving Wall Street HQ and Canary Wharf in London has shown the gut wrenching effects such a cull has on its employees.

With yet another casualty of the credit crunch, how will the UK mortgage market respond and what does this mean to UK home owners? In our opinion, it’s time to tighten your belt and prepare for the worse.

When banks stop lending to one another then things are not looking good. Barclays Bank was one of the suitors who assessed Lehman Brothers for take over. Once it became clear, they would have to guarantee all outstanding trades the take over was quickly scuppered.

Today Barclays Bank is juggling for position to buy elements of Lehman Brothers although it is said, ‘any purchase must benefit Barclays shareholders’. It is clear no financial institution is willing to increase their liabilities at this time.

In UK mortgage terms, this translates to banks reducing their credit liabilities making mortgages harder to obtain. If buyers cannot obtain a mortgage how do sellers sell? In this market cash property buyers are increasingly sought.

Those holding property hoping things will improve are in for a long wait. In the US reports of a collapse similar to the 1920s is feared. With AIG the insurance giant requesting a bridging loan and Merrill Lynch sold for 28bn it would appear that the major players that are the foundation of the money markets are all in turmoil.

When the money markets have no confidence then you can be sure internal policies change and mortgage lending will cease to be competitive.

We guarantee to offer you a cash price for your house, no matter what condition or location. The Property Step buys property for cash and can agree the sale in 5 days. Call The Property Step on 0800 011 29 39 or click ‘quick sale required’ above, to get a no obligation quote today!

To sell your property in 5 days or less your property must be:

• the best kept property in a ¼ mile radius
• the best value for money property in a ¼ mile radius
• the most flexible on price in comparison to other viewings
• always available for viewings (agents hate rebooking viewings)
• definitely not part of a chain (be prepared to rent for while if need be)
• willing to be the agents best friend even though their getting on your nerves

If your bank balance allows then get cracking doing all the jobs that need attention. Do not save on fixtures and fittings, as these make the world of difference to a prospective buyer.

Cost and time are the biggest stresses when marketing your property via an Estate Agent. With zero costs and an average completion of 3 – 4 weeks, at The Property Step you can move on quickly with cash in your bank account.

When selling via an estate agent, you have to plan meticulously before you stand a chance of selling your property quickly and at a good price:

1. If your property needs updating, renovation or refurbishment, you will need funds for improvement before you start.
2. You will need to find good and reliable builder, decorator, plumber, electrician etc and have the work completed before putting your property on the market.
3. Once you have completed the work, then you need a reliable and honest estate agent, whom you can form some rapport with i.e. why should the estate agent, push your property
4. On every viewing, your property will need to be spotlessly clean and tidy.
5. Mortgages are difficult to secure so even if your estate agent finds you a buyer, you will need to wait a few months for the buyer to arrange finance.
6. Over 70% of buyers are part of a chain, so you will probably need to wait for their home to sell before they can purchase your property.
7. One of the biggest stresses of buying a home is when the chain breaks, affecting everyone connected to the chain and their purchase. If the broken chain affects you, you must start all over again from step 3.

If the sale of your home is time critical then ponder this ….how can I find

• a reliable cash buyer?
• with no upward chain?
• readily available funds?
• who can complete in 3 – 4 weeks?

Just supposing you could save estate agent fees, solicitors fees,  the cost of refurbishment, renovation or updating, then in your opinion would that be a better choice?

Just supposing you had access to a serious cash buyer, willing to buy your property as is! In your opinion, would that be a better choice?

Just supposing you could have the proceeds of your property sale in your bank account within 3 or 4 weeks, then in your opinion would that be a better choice?

All you need to do to get started is:

• Complete our online form by visiting the following link:  ‘quick-sale-required’

You will not need to:

• update, renovate or refurbish anything inside or outside your home.
  We have a reliable, honest and professional team to carry out any works that is required.

We will call you:

• at a time that is convenient to you, to discuss your situation and discuss how best we can help.

Every customer is different:

• Each customers needs are different so there is always a property solution, if both seller and buyer are flexible.

There is no guess work involved, The Property Step is a serious cash buyer who will guarantee to offer you a cash price for your property. Follow the steps to money in your bank, click Step 1

Once we have discussed your needs and current circumstances, we will be in a position to assimilate the information we need to make a quick cash offer. All offers are made within 24 hours, so you can move onto the next step quickly.

Click Step 2: Guide Cash Price

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• Have you found the ideal property but your home is still unsold – The Property Step buys for cash.
• Are you emigrating to warmer climes but your house is stuck in a chain – The Property Step can help.

• Did you enter into BTL with your eyes wide shut and need a way out – The Property Step buys for cash.
• Is your property tenanted or worse still empty and you need to sell – The Property Step can help.

• If you have received a repossession order – The Property Step can prevent you losing your home.
• Are increased mortgage payments giving you sleepless nights – The Property Step can help.

• Has the credit crunch stopped first time buyers viewing your property – The Property Step buys for cash.
• Are you in financial difficulties and need a quick sale – The Property Step can help.

In normal circumstances you will receive a cash price within 24 hours and property sales are agreed within 5 days.

Click Step 3: Appointment to View

• Ask any question you may have.
• Understand all options open to you.
• Discuss matters openly in the privacy of your own home.

At the appointment The Property Step will:

• Answer any questions face to face.
• Explain anything that is unclear so you fully understand.
• Suggest different options (if applicable) thereby explaining your choices.
• Once you have discussed everything thoroughly only then we will view your property.

Click Step 4: Formal Cash Offer

• What has been agreed
• The terms (if applicable)
• The conditions (if applicable)
• Clauses (if applicable)

This forms the basis of an accepted offer (step 5) and the agreement between you (the seller) and The Property Step (the buyer).

The formal cash offer gives you time to weigh up the pros and cons before committing to anything. However you will be in an ideal position to evaluate your options before proceeding further.

Click Step 5: Offer Accepted

• Contracts will be drawn up and agreed.
• Exchange of contracts will be agreed and executed.
• A completion date will be agreed and executed (step 6).

In circumstances were your home is threatened by repossession, having an accepted offer in place can ensure your house, remains your home.

An accepted offer ensures both parties are agreed on the terms and conditions of the transaction and once you have  exchanged contracts, your able to sit back, relax and plan your next step.

Click Step 6: Purchase Completed

• The seller calls or emails The Property Step
• A cash offer will be made within 24 hours.
• An appointment to view will be arranged.
• A formal cash offer will be received within 48 hours.
• With an accepted offer, our solicitors are instructed, contracts exchanged and a completion date is set.
• Upon completion the cash is transferred directly to your bank account.

In most cases The Property Step agrees the sale within 5 days! Fast completion, no nonsense, no agents, no fees!

To learn more about The Property Step and how we conduct business, head over to our faqs section.

click faq – sell your house fast

With a typical entry-level property in London costing around £250,000, this would mean having to find £32,500 – in addition to stamp duty, legal fees and removal costs.

Compare this to the average London property – now more than £350,000 – the deposit would be £45,500, plus £10,500 in stamp duty. No wonder 100% mortgages have existed for so long!

If you thought finding the deposit was difficult, then you have to contend with having a financial track record: Credit reference, credit history and absolutely no late payments on anything.

Having jumped through the multitude of hoops you’ll then get that all important decision in principle. Talk about headaches it’s enough to make you reach for the Anadin Extra.

The Property Step can ease those headaches with a no nonsense Rent to Own scheme. It’s a win/win property solution that helps first time buyers get on the property ladder safely. To see how this works, take a look at Mr & Mrs Rhodes, a fictional young couple starting out.

Mr Rhodes works as a builder and Mrs Rhodes as a telesales executive, together they earn above the UK average and can afford an 80 – 85% mortgage.

However all the major lenders will not approve their mortgage, as neither have owned a property in the UK,  do not have a recent credit history and cannot afford the exorbitant deposit. With the influx of overseas workers in the UK this is a known hurdle.

In some cases it can take up to two years to obtain a credit history to satisfy the main mortgage lenders and even longer to find the deposit. In the meantime property prices have risen making it even more difficult to save for that ever increasing deposit.

Typical Scenario : Mr & Mrs Rhodes

Mr & Mrs Rhodes have some savings towards their deposit but not the 13% plus costs. They can afford to pay a 85 -90% mortgage but are caught in the first time buyers, mortgage trap without a recent credit history and large deposit. With property prices fluctuating over the years they are no closer to buying their first home.

Property Solution: Rent to Own

The Property Step offers Rent to Own properties. To secure your new home the purchaser/tenant must agree to:

• A fixed purchase price, with an option to buy in 2 years or less.
• Pay a one off (non refundable) deposit, deductible from the fixed purchase price.
• Where applicable overpay rent during the 2 year period acting as credits deductible from the fixed purchase price.
• Pay rent on or before the due date (typically 1st of the month), to qualify for the deduction on  the fixed purchase price.
• Repair and maintain the property as needed during the duration of the rental period.
• Exercise your right to buy at the fixed purchase price or vacate the premises at the end of the 2 year period.

Rent to Own Benefits are numerous:

• An agreed fixed purchase price, set in stone with no fluctuations, no gazumping, no nonsense.
• Pay an affordable rent that reduces the final purchase payment, aiding the deposit required by major lenders.
• Obtain a certain credit history that satisfies all mortgage lenders. Note: By proving your able to rent and pay on schedule and on time, gives major lenders confidence that you are a good reliable payer.
• Live in your house from day 1, so there is no need to move to another area.
• No trawling of the many property websites and pounding the streets viewing unsuitable properties.
• Your safe in the knowledge that you’ve already found your home and build for the future.
• Gain equity in your home before you own the property. As property prices adjust you will directly benefit from fixing your purchase price today.

To join our waiting list of customers for Rent to Own properties please click ‘Rent to Own Required‘ to  register your interest. We will contact you as soon as we have a property available.

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With interest rates and mortgage lenders deposits going in the opposite direction (upwards) what can someone with mortgage problems do to stem the tide. If you took out a 100% mortgage in the last 3 – 5 years then statistically your property is at risk as house prices sales hit a new 30 year low.

Over 23,000 homes have a 100% mortgage secured against their property and as more and more home owners feel the pinch, straddle negative equity or fall behind on their mortgage payments. The burning question is what can a home owner do?

In the first instance, speak with your lender, although they do not like to talk about debt counselling a few lenders have set up departments to deal with the ever-increasing numbers of homeowners falling behind on their mortgage payments.

Secondly take a trip over to your local citizen advice bureau, not only are they helpful they will be able to guide you through the maze of debt negotiations you may have to endure.

Whatever you do, do not put off today what will not keep until tomorrow. Falling deeper and deeper in arrears with your mortgage lender only leads to one foregone conclusion. Repossession is the dreaded word, which is muted in most news articles when reporting on the UK housing market.

Mortgage lenders say they do not want to throw families out onto the street but repossession has risen dramatically since the credit crunch began. Neither you nor I are mortgage lending experts, however if repossessions have increased by say 40% does that not tell its own story.

Some homeowners’ have preferred to look elsewhere and find their own solution. Cash property buyers do exactly what it says on the tin. They buy property for cash! In short this means for a trade price your property can be sold, off your hands, debts cleared and a new start in as little as 3 weeks.

There are mixed stories about how you should approach such individuals or companies, as not all are the same. I presume the same could be said of mortgage lenders and how flexible they are when payments begin to slip.

When seeking a cash buyer spend a bit of time detailing all your debts and outstanding payments. Try to be as honest about your situation, so they can provide you with the best solution for your needs.

In the event you are unhappy with the offer they have made, say so as you are under no obligation to accept. However, bear in mind a cash price equates to discounts! Just like buying a car, paying with cash price means a suitable discount will be required.

Whilst cash property buyers does not favour everyone there are many reputable individuals and companies able to solve your debt problems in as little as 3 weeks. This has attracted many to look at cash property buyers as a solution to their ongoing troubles.

The key decision a homeowner makes when contacting a cash property buyer is, can I sell my property within 3, 6, 9 or 12 months with a guaranteed sale. This is a question only you can answer and the risk of mounting payments is the gamble you take.  With sales agreed in as little as 5 days, cash property buyers are an option worth considering.

For a no obligation quote click ‘quick sale required’