Worried About Repossession?

 

Here are some common questions asked by homeowners and ‘buy-to-let’ landlords who are concerned about possible repossession.

 

Q. I had my house on the market for a while but couldn’t sell it. It is now due to be repossessed. Is it too late to do anything about it?

A. If your mortgage and secured debts are not too high then there is a chance that you can sell your house for enough to pay off what you owe. If the total amount of secured debt is close to the value of the property, you are unlikely to be able to sell it to a “Quick cash house buying company” as they usually pay less than the value of the property. There are other ways to get around this problem and we will be able to let you know what you can do if you get in touch with us.

Q. If I sell my house, would I be able to pay off all or most of my debts?

A. For us to be able to buy your property we would need to be able to pay off any mortgage and other loans secured on your property. If the total amount of secured debt is very high, we may still be able to help you, but would have to use another method.

Q. I’ve missed a few mortgage payments, and can’t make the next one. Should I just let the bank take it back?

A. If you hand the keys back to the lender, they will sell the property to get their money back. If they sell it for less than you owed them, they can pursue you to recover the outstanding amount for many years afterwards so giving the keys back may not be the end of the issue. There will also be all sorts of fees, charges and interest added to the debt so you may end up with even more debt on your shoulders so it would not be an end the stress either.

Q. If my home gets repossessed, how will my credit rating be affected?

A. You will find it more difficult to get credit in the future, including mortgages if you want to buy another home. Having a repossession on your credit record could affect you for the next six years.

 Q. I read in the news that interest rates are going to go up. What can I do if my mortgage payments become unaffordable.

A. If you think you are going to struggle then it may be better to act now rather than wait for it to become a problem. If (or when) interest rates do go up, you don’t want to be trying to sell your house at the same time as the other thousands of homeowners and ‘buy to let’ landlords who are in the same situation. If you want to sell your property now, get in touch with us and we can tell you which of our house buying options would work best for you.

Q. My fixed rate mortgage ends soon and I am worried about making the payments as they are going to be much higher than I’m paying now. I can just about afford it now.

A. As above. If you act before it becomes a problem, you will save yourself from getting into trouble by missing payments. If you are unable to sell your house with an estate agent, give us a call. We have different options to help homeowners who need to sell.

Q. I can’t afford my mortgage payments every month so I’ve been using my credit card. I know this is not a good idea, but I can’t sell it. What can I do?

A. Using credit to pay your debts may put you in even more debt. If you can’t sell your house, get in touch with us and we can offer you some alternative options that can help. There are different ways to sell a house and we are flexible in how we buy properties.

Q. I have several months of arrears and I am struggling to cope. Should I just wait until I get an eviction notice?

A. No. The sooner you get in touch with us the better. If you are already in the repossession process, the further into it you get the more the costs add up. With all the legal and administrative costs along with the interest on the missed mortgage payments, it gets more difficult for you to sell. Waiting will make the situation worse if you are unable to make the payments.

Q. How much will it cost to sell my property?

A. There are no costs. No charges, fees or catches. We will make you an offer to purchase your property. If the offer works for you then you can sell your property and not have to pay any costs. If not, we may make an alternative offer that will help you to be able to move on. You have no commitment to selling your house to us either way. You decide if you want to sell to us or not.

 

If You Need to Sell Your House to Avoid Repossession Fill In The Form on This Page.

 

We will let you know what you can do if you get in touch with us. We won’t put any pressure on you to sell to us, we’ll just let you know what we can do for you.