Stop House Repossession

We believe that you should have the choice of when and how to sell your house.

  • FREE highest guaranteed cash offer
  • Sell any property in any timeframe
  • No estate agent or solicitor’s fees

Get a cash offer NOW!

 

We all assume that we will move out of our home as and when we are ready. But what do we do when this decision is taken out of our hands? A lot of people struggle with the cost of owning a home. Property provides one of the biggest financial burdens people face in their lifetime, with many people stretching themselves to be able to afford to put a roof over their heads. The cost doesn’t end when you get the keys either. This is just the ‘end of the beginning’ given the ongoing cost of paying a mortgage and footing the bill for any repairs required.

With this in mind, it’s little surprise that some people struggle to keep up. The Financial Conduct Authority points out that there is more than £15 billion in late mortgage payments owed in the UK. While this figure has fallen in recent years – especially since the 2008/9 recession – it’s clearly a significant amount. Indeed, more than 80,000 people are in arrears of more than 2.5% of their outstanding balance.

The number of people with mortgage arrears of more than 2.5% of their outstanding balance

2.5%–5%

34,900

5%–7.5%

15,300

7.5%–10%

8,600

10%+

24,500
(source UK finance)

While the idea of having our homes repossessed may never have crossed our minds, we may find ourselves in a situation beyond our control, such as an unexpected change in financial circumstances, which means we are suddenly faced with this incredibly stressful situation.

With 1.4 million UK households struggling to pay their mortgage, house repossession is a harsh reality for some. However, there are alternative options…

House repossession process

If you fall behind on your mortgage payments your lender will inform you of your mortgage arrears. This is how much money you currently owe them. Remaining calm and communicating with your mortgage provider will often halt the repossession process there and then, with many lenders giving time frames and alternative payment plans to help you take control of your situation.

If you fail to get in contact with your lender they will file for a possession order; this means that the courts have decided your mortgage provider can repossess your home. You will be required to attend a court hearing where you can voice your case to a judge. Often, solutions to stop repossession can take place at this point.
If the court decided that repossession is the best option you will be provided a date you must leave your property. If you fail to do so bailiffs will be sent to your home to remove you. Your mortgage lender will then sell your home and return any remaining funds to you.

However, repossession doesn’t need to be the answer.

Are you currently trying to avoid having your home repossessed? Then get in touch and see how we can help you. There are NO FEES and NO HIDDEN CHARGES with our services.

How to avoid repossession of your home

Most people are aware if they are not keeping up with their mortgage payments and it doesn’t take a notification from your lender for the panic to set in. Whether you have received a letter or not, get in touch with your lender as soon as possible; communication is key.

In the third quarter of 2017 there were 1,900 home repossessions in the UK.

Contact your mortgage provider to stop repossession

Mortgage lenders aren’t out to get you. You are a customer and they will often be keen to find a solution for you if you are upfront and honest. They are human too and will be sympathetic to your case.

As soon as you suspect you might be in trouble with your mortgage provider, you should talk to them. Don’t be afraid – honesty is the best policy here. Remember, they want to be able to recover their money so it is definitely in their interest to try to establish realistic payment terms that you will be able to stick to.

It might well help for you to do a little bit of preparation before you contact your mortgage lender. If you can show you have a sound budget plan and make them an offer of what you can pay, you’ll show that you’re a responsible borrower and are keen to fulfil your responsibility.

Solutions could include any of the following:

  • Changing to an interest-only mortgage
  • Adding your arrears to the mortgage itself
  • Taking a ‘mortgage holiday’
  • Selling an endowment policy

However, if you would prefer to get out of arrears with your provider you have the following options:

  • Take in a lodger
  • Rent out your home
  • Voluntarily sell your home

Overpaying your mortgage to avoid repossession

For many, their mortgage allows them to pay a little more than the set amount each month (often this is 10% a year, although each provider may have slightly different rules so you must check). This process of ‘overpaying’ can come in very handy if your circumstances change in the future, as it allows you to build up some extra equity in the property you own and also earn some brownie points with your lender. If, for example, you were to lose your job and struggle to make your repayments, this extra funding buffer can really help.

You won’t pay interest on overpayments and you might well find that your money ‘works harder for you’ by paying more off your mortgage, rather than sitting in a savings account with a low interest rate.

Overpaying £50 a month on a £150,000 25-year 4% mortgage would help you pay this off more than two years earlier.
(source LONDON & COUNTRY)

Mortgage insurance policies

It’s impossible to predict what will happen in your life over a 25 or 30 year period, which is why it’s tough to commit to a mortgage and know that you’ll be able to make the repayments. This is why many people choose to take out insurance policies. It’s not nice to think about, but people in a couple need to consider what might happen to their partner if they were to die, or to both of them if they were to suffer a serious injury that would prevent them from working.
Your house is an expensive asset so it’s worth protecting. It is possible to get policies that can pay out in case of loss of life, illness or even a drop in income.

Only half of mortgage holders have life cover. Fewer than a fifth (17%) have critical illness cover and fewer than one in ten (7%) have income protection.

Combat all your debts

When times are good, it’s easy to get carried away. The cost of borrowing has been low in recent years, making it cost effective for people to take out loans and credit cards to make big ticket purchases. However, while this can be manageable, a change in your circumstances could soon alter the picture. Losing your job, for example, could easily mean that this sort of debt weighs heavily on your shoulders and affects your ability to pay your mortgage.

The Bank of England recently raised concerns about credit card debt, which accounts for £70 billion of the UK’s £200 billion of personal debt. Alarmingly, nine of every £10 of outstanding credit card debt in November 2016 was owed by people who were in the red two years earlier, implying that a significant number of people are stuck in long-term debt.

It’s important, therefore, to focus on tackling your debts as soon as possible to avoid these creating or adding to problems down the line. Avoid just paying the ‘minimum repayments’ on your credit card, as this will not chip away at your debt (even just a few pounds more can make a difference) and prioritise clearing old debts before taking on new spending.

The UK’s personal debt stands at £200 billion, £70 billion of which is credit card debt.


(source UK finance)

Face your finances

Most people know, deep down, if things are starting to go wrong. Whether it’s a missed bill, dropping deeper into an overdraft or a diminishing savings pot, we can all spot a cause for concern. A really important step to avoiding repossession is to take note of these signs and act as quickly as possible. Hoping the problem will go away is not an option and could allow a smaller issue such as a missed credit card bill to build up into a bigger debt problem that contributes towards repossession.

How well do you understand your finances? Do you know how much comes into your account each month? Which bills go out, on which date and for how much? How much do you spend on essentials and what do you have left over for treats?

If you’re in full control of your money, you stand a better chance of avoiding your situation spiralling out of control. If you don’t already have a budget plan – and 40% of people in the UK don’t – then it’s time to start now. Go through three months’ worth of accounts, understand your spending habits and then use a budget planner tool to help you to take control of your money.

The top reasons people put off budgeting

31%
Find it boring
19%
Lack of time
11%
Lack of confidence
in money related decisions
10%
Prefer not to know
8%
Find it difficult
(source Money Advice Service)

Don’t be ashamed to claim

Many people fall into financial hardship if they lose their job and when it comes to this, and other times of hardship, you might well be able to call on the welfare state to help.

Some people feel nervous or embarrassed about claiming benefits but it’s important to stress that there’s no need to feel like this. Such support exists to help people in tough situations and can be the difference between a financial struggle and a disaster. If nothing else, the welfare system might stop you from having to raid every last penny of savings, which leaves you prone to further problems down the line.

Talk to a financial expert

It’s also important to recognise that there is help at hand if you feel you are losing control of your finances. Free and impartial advice is given by trained advisers at bodies such as Shelter or the Citizens Advice Bureau. These charity bodies are experienced in helping customers to find the information and support they need. Other examples of organisations helping with this are PayPlan, StepChange and the Debt Advice Foundation. These bodies can offer over-the-phone advice and often have useful guides and resources freely available online for you to read and use.

Stop repossession now

If you are currently trying to avoid having your home repossessed get in touch with us today. We are here to help and offer a no fee solution for anyone who is facing repossession, as well as free advice to those with mortgage difficulties.
So, if you need to stop the repossession of your home, simply fill in our enquiry form and we will be in touch to help you resolve the problem quickly and easily.

  • A fast property sale to WeBuyAnyHome will help avoid repossession and potential bankruptcy.
  • We will provide a cash offer for your property and we will talk to your mortgage lender to inform them of a sale proceeding.
  • We are one of the leading house buying companies in the UK, offering a fast service that allows you to avoid repossession.

Citizens Advice Bureau advisers dealt with more than 1.5 million queries about debt in the 12 months to the end of January 2018. 57.9% of the CAB’s queries in this period were about either debt or benefits and tax credits.

House repossession process FAQs

  • How to stop repossession of your home?

    If you’re facing repossession and looking for a way to avoid this, WeBuyAnyHome can step in and purchase your property for cash, which would stop the repossession from taking place. How this works, is that the cash we pay you will cover what you owe the bank – as long as our cash offer is greater than the amount you owe on the mortgage. From the moment you contact us we can act very quickly to purchase your property and stop repossession from happening; our quickest turnaround time from initial contact to completion is just 7 days. However, you should always contact us as early as possible, as delays can be caused by unforeseen factors.

    Click here for your free cash offer from WeBuyAnyHome.com

  • Why use a cash house buyer rather than being repossessed?

    Being repossessed can be extremely detrimental to your long-term financial health. The CCJ (County Court Judgement) against you will be entered onto your credit record at the Register of Judgements, Orders and Fines, where it will stay for six years. This will then make it incredibly difficult for you to get another mortgage, or even to get a credit card or bank account. When you’re facing repossession and you have no other means by which to settle the debt, selling up on your own terms will always be by far your best option. If the offer you receive from a cash house buyer such as WeBuyAnyHome would cover the amount you owe the bank, it is most certainly a better course of action than letting the repossession take place.

    Click here for your free cash offer from WeBuyAnyHome.com

  • I’m being repossessed, when should I contact you?

    When you receive a CCJ (County Court Judgement) you have 30 days to pay off the balance you owe before your home will be repossessed. If you have received a CCJ and have no other means by which to pay what you owe, you should get in touch with WeBuyAnyHome right away. Getting in touch with us sooner rather than later will mean that you have more breathing space and don’t have to deal with the stress of stopping the repossession in a very short time frame. Whilst we are able to complete in as little as 7 days, in cases such as these we would always recommend that you come to us as soon as possible.

    Click here for your free cash offer from WeBuyAnyHome.com

  • Can you stop a CCJ (County Court Judgement)?

    Yes, we can. To stop a CCJ you need to pay back the amount you owe within 30 days of receiving it. As WeBuyAnyHome are able to step in and purchase your property for cash, you can pay back your lender within that timeframe and stop the CCJ from being entered onto your credit record at the Register of Judgements, Orders and Fines.

    Click here for your free cash offer from WeBuyAnyHome.com

  • If you stop home repossession, can I go on living in the property?

    Typically, we will look to sell on any property we purchase. However, in some cases we will rent the property out – depending on what the rental market is like in the area. If you would like to remain in the property WeBuyAnyHome purchase from you, make sure to discuss this with your dedicated agent during your initial phone call. They will then assess whether this is possible and if so will work to make it happen for you.

    Click here for your free cash offer from WeBuyAnyHome.com

Get in touch

By submitting your details, you agree that we may keep this information safely, so that we can contact you by e-mail, mail, SMS or phone regarding the sale of your property. Our Privacy Policy has further details.