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Rise in Negative Equity House Repossession

It’s getting worse for anyone out there facing house repossession.

Anyone going through the process of repossession needs to talk to someone about their situation fast! Generally, the first steps of handling house repossession are to talk to your lender first, and try and come to some agreement over payment of arrears. However it appears some lenders are, at the moment, refusing to accept any sort of repayment plans to pay off mortgage arrears.

So what’s the solution? The only obvious answer is to either remortgage with a different lender, or sell your home.fast However with current market conditions these alternatives are not ideal

Why?

Well, if you opt for a remortgage or release equity on house not only will you be faced with arrangement and legal fees for your new mortgage, but you will also have to pay early redemption penalties on your existing mortgage. Added to this, your property value may have started to fall, reducing the amount of equity you thought you had on which to remortgage. In short, you may end up with more debt if you opt to remortgage!



negative equity house repossessionIt seems that you will need £10,000 to £20,000 to buy your way out of repossession.

However, we have an alternative solution that, depending upon your circumstances, could help you. If you decide that selling your home is the right decision for you, and your family, then we offer a no fee quick sale. That is

  • No commission
  • No survey fees
  • We even PAY YOUR LEGAL FEES up to the value of £500 and you get a FAST SALE guaranteed.

If you are currently under threat of house repossession, and interested in how weI could help you, and would like to know more then call us on 0161 877 4142 today.