Experiencing UK house repossessions can prove deeply distressing for homeowners grappling with financial challenges. The accumulation of mortgage arrears due to consistently missed payments places homeowners at potential risk of losing their property. Although solutions exist to relieve this situation, homeowners have the opportunity to discuss with their mortgage lender establishing a payment plan to rectify missed payments and avoid repossession.
The Financial Conduct Authority actively encourages lenders to consider alternative solutions before resorting to the drastic step of repossession. In situations where a property undergoes repossession and sale, the potential for a financial shortfall arises if the sale proceeds fall short of covering the outstanding debt. Seeking debt advice is important as it provides homeowners with the insights needed to comprehend their choices and navigate the complexities of negotiations with their mortgage lender. Repossession typically mandates a court hearing, affording homeowners the opportunity to present their cases.
Homeownership is a great feeling, it allows you to build home equity, control your living space, and become a valuable member of the local community. Unfortunately, your financial situation might not always stay the same, and you may face a repossession order. Learn how you can stop repossession by making a quick sale to pay off your debt obligations.
How is Selling Your House Quickly Different from Voluntary Repossession?
Selling your house quickly is different from voluntary repossession in that it allows you to maintain ownership of your home while still being able to pay off your debt obligations. When you sell your home quickly, you can often receive cash upfront and be able to negotiate a lower sale price. This ensures that the lender has been paid off and that the remaining debt is cleared away. With TIC Finance, we have opportunities available to avoid repossession.
Contact us at TIC Finance, Our experts are able to help you identify what options are available to you as well as provide you with solutions.
Housing Debt Obligations
Under United Kingdom law, debtors are responsible for fully repaying their mortgages. This could include fees, principal, and interest stipulated in the original contract. If you miss mortgage payments, you could be in trouble.
Your bank, building society, or lending company can repossess your property if you miss repayments regularly. Your original mortgage requires that you make timely payments. Usually, lenders give you up to 90 -180 days before starting repossession proceedings. But even after your lender has repossessed the property, it can continue charging you fees on the original mortgage until a sale is made.
Contact one of our experts at TIC Finance for further information.
After Repossession Eviction
The lender has a contract with you for repayment of the full amount of the mortgage. The lender will try to resell your house on the open market, but this could take time.
Repossession maintenance or legal costs could include:
- Interest
- Upkeep
- Maintenance
- Repairs
- Legal fee
- Auction House or Estate Agent Fee
- Remainder
The house is the collateral for the mortgage, and your bank is hoping that repossession can recover the full loan amount from its sale. You are technically in “arrears,” meaning that you are overdue in paying your debt obligation. While the house is on the market, you might be forced to continue to make interest payments on the mortgage.
Furthermore, the bank can charge you for any upkeep, maintenance, or necessary repairs. If the property is finally sold, then the bank can charge you solicitor and real estate agent fees.
What is “Negative Equity?”
The UK housing market has risen rapidly in recent years. If you purchased your house during these times and the market has fallen as of late, then you might be facing “negative equity.” What does this mean?
“Negative equity” means that, basically, you owe more on your mortgage than the house is worth. Even if the building society is able to sell your house, there might still be a “remainder” after your house is sold. Your bank is entitled to “claim the remainder” for up to twelve years. That could be quite a financial burden. Fortunately, there are options for you to avoid having your property repossessed.
Contact us at TIC Finance, Our experts are able to help you identify what options are available to you as well as provide you with solutions.
Here’s What We Recommend You Do:
Contact TIC Finance immediately! One of our friendly experts will discuss all of your questions and queries. We provide a transparent and honest service whereby we guide you through the process, providing you with a step-by-step guide.
As well as this, we are able to provide you with the options that are available to you based on your circumstances and the solutions that we are able to help you with.
Developing a proactive plan can help you avoid stress, delays and prevent you from going into massive debt. Don’t let them repossess your home.
Steps We Can Take to Help You Keep Your Home
Step 1: Understanding your circumstances
Contact TIC Finance or one of our experienced experts will contact you to understand your circumstances and take down any necessary details.
Step 2: We provide you with the options and solutions available to you
We provide a transparent and honest service whereby we guide you through the process, providing you with a step-by-step guide.
As well as this, we are able to provide you with the options that are available to you based on your circumstances and the solutions that we are able to help you with.
We Are Experts in Providing UK Property Finance and Advising You on the Best Possible Solutions
Navigating the intricate landscape of repossession can be overwhelming. That’s where TIC Finance steps in. We understand that facing repossession can be a worrying time, but with our wealth of experience in guiding individuals through the repossession process in the UK, we are equipped to offer financial advice and a plan of action tailored to your unique circumstances. We have many financial options and solutions available based on your predicament.
- We have years of experience advising individuals on the legal process and providing professional advice on the best solution for your situation. Whatever your financial situation, outstanding debt, or credit rating, we can help you.
- Whether you’re seeking legal insights, exploring alternative solutions, or aiming to prevent the repossession of your home, our dedicated team is here to support you.
- Don’t face repossession alone. Contact us today for expert assistance and guidance tailored to your situation. Your home and financial security matter to us.
- We provide a range of property funding options, or if you are looking to sell a house fast, we can provide the best finance options or speed sell your house for you, depending on what is the best solution for your situation.
Are you at risk of repossession and need to get in touch with someone? For expert help and advice on stopping a potential house repossession in the UK, get in touch with our team now!
Call us today for complete peace of mind and impartial, honest guidance on what’s best for you. Call us on 020 3411 4451 .