Are you faced with your house being repossessed? Not sure where to turn or what to do? Take a breather and read the tips below on how to avoid this happening and/or slow the process down. You will find statistics on many websites about the amount of homes that are repossessed in the UK each year, as well as how long the process will take. Remember it is never too late to take action to stop repossession of your home.
1. Talk to your mortgage lender
From the outset hold in mind that it is in your lender’s interest to avoid your home being repossessed. Not only do they have a legal responsibility to work with you to get things resolved but it costs them time and money if your house is repossessed. Work through the options available to you to stop repossession of your home.
2. Make a new financial agreement with your lender
These can consist of a ‘payment holiday’, change of mortgage type, reduced monthly payments or even capitalizing the arrears so that it is added to your total mortgage amount. Talk your legal or financial advisor about which option might work for you.
3. Consider alternatives to living in your home
Be creative! Consider alternatives to stop repossession like renting out a room in your house to a lodger or listing it on a short term rental website. Or if you have the option of living cheaply somewhere else rent out your whole property – which may cover all of your mortgage (or a significant amount) and even leave you will some leftover.
4. Check insurance policies and whether your eligible for financial help
Depending on your circumstances check to see if you took out mortgage protection insurance. If you were made redundant, had an accident or suffer from illness this type of insurance will cover your monthly mortgage payments.
If you don’t have any insurance protection explore whether you are eligible for any kind of benefits. In certain cases, the government will offer financial help if you have had an accident or developed a disability which means you can’t work.
5. Selling your home to stop repossession UK
Finally, if you have explored all the options available to you and you still find you are unable to pay your mortgage or clear your arrears you should consider selling your property to stop repossession. Even though lenders are required to give you a decent amount of time to sell you property this may not always be possible due to market conditions or the time it takes to sell a property through a traditional estate agent.
A way to sell your house fast regardless of market conditions or using an estate agent is to sell your home to a cash house buyer. Companies like sellyourhousefast.online are the answer to selling your property quickly and stop repossession. They will buy your home within 7 days at a discounted rate, with no fees. Always check with your lender before proceeding with selling your property as you need to make sure that it is in positive equity rather than negative equity (meaning you owe more than the property is worth)