Facing repossession is one of the most stressful and dreadful experiences a homeowner could go through. You could lose your house, get bad credit and get into more debt. Selling a home with mortgage arrears is usually one of the last steps to take if you are struggling to pay back your creditors, however it might be your best solution. We Buy Any House is here to help with a friendly and professional advice on how to sell your property fast, for the best price.
What to do before you sell a house with arrearsIf you struggle to repay your mortgage, your first step should be negotiating repayments with your creditors. Contact your lender as soon as possible. Most creditors and banks want to help you pay them back – they might be willing to change your mortgage contract by reducing the instalments and increasing the mortgage length, allowing you to pay less over a longer period of time. If you are going through temporary financial struggles and explain your situation to your mortgage lender, your payment could be deferred or you might be allowed to take a payment holiday.
Renting out your home to pay off the mortgage could be an excellent solution if you can live rent-free in another property. However, it is important to note that becoming a landlord might result in other costs such as estate agent fees and repairs. If you need to act fast, renting out isn’t the best solution as moving out, preparing the property and finding tenants could be very time consuming.Read more: How do I sell my house faster?
No matter what your current situation is and whether you have arrears yet, speaking to your mortgage provider is a crucial step which will definitely help you and the lender find the best solution. Missing out mortgage repayments will negatively affect your credit score and might even trigger the repossession process.
Who can help you stop repossession?Selling a house with arrears, preventing repossession and negotiating with your lender can be extremely difficult, especially if you have to go through it all by yourself. The government, some charities and genuine cash buyers are here to help with advice and funds. There are plenty of debt management companies and organisations to help you manage your finances and offer emotional support and advice. You could also be eligible for Support for Mortgage Interest (SMI) scheme.
We Buy Any House can help you with a free, no-obligation house valuation and cash offer. Our team has excellent knowledge of the house market in the UK and decades of combined experience in the property industry. We have helped many home owners across the UK successfully prevent repossession and take control of their home and finances. To find out more about how we can help you, simply get in touch with us or request a call back.