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Stop the Repossession of Your Home
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 repayments 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.
What is House Repossession?
House repossession occurs when a lender, who has a loan secured against the property, takes possession of it to pay off a debt. This often happens if a homeowner does not make the payments on their mortgage. Still, house repossession can happen with any type of loan secured against a property.
Once a lender has taken possession of the property, they can sell it to pay off the debt.
Why Do Houses Get Repossessed?
House repossessions can only occur if someone does not keep up with loan payments secured against the property. You risk home repossession if you do not pay your mortgage or fail to keep up with the repayments on any other loan secured against your property.
With that being said, the repossession process is a last resort. For lenders, a lot of time, money, and effort is spent repossessing a property. They’d rather you pay them back, so rest assured that missing a few payments won’t result in an automatic repossession. You’ll have multiple opportunities before that point to rectify the problem, and it is only when you fail to agree with the lender that a repossession becomes a real possibility.
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How Many Payments Can Be Missed Before Repossession?
Lenders in the UK have an agreement that they will not start repossession proceedings until at least three missed mortgage or loan payments. Well, the major lenders do. However, the smaller lenders tend to stick to this too. Don’t fret if you’ve just missed a single payment. As long as you are able to get yourself back on track, there’s little to no chance that you’ll end up losing your property.
After the three months of missed payments have passed, they will start repossession proceedings. Even then, the goal isn’t to get you out of your property right away.
How to Avoid a House Repossession
- Lenders often have various options they can use to help you get back on track. So, consider discussing these with the lender:
- Set up a repayment plan for the missed payments, so you pay a little bit more each month until the arrears have cleared.
- Freeze interest on the loan, which should lower the repayments for a brief period.
- Reduce the payments owed each month but extend the duration of the loan. However, this will mean that you’ll need to pay more interest overall.
- Change your mortgage type or move to a different plan. Options will depend on what the lender offers.
If your income has changed, you should look into seeking financial assistance elsewhere. For example, claiming benefits, e.g., universal credit, homelessness help, or perhaps taking a part-time job, at least until you get back on track.
The repossession process will stop if you can prove you are selling your home. So, if you are really struggling to afford the repayments, it may be wise to sell your home quickly. This way, you can cover the money you owe on the mortgage quickly, and you won’t end up with a home repossession on your credit report.
Cash house buyers like We Buy Any Home are often the best way to sell your home quickly, so get a free cash offer today if you need assistance.
It is worth noting that if you sell your home before repossession, you will usually end up getting a better price for your home than your lender would, reducing the chances of you needing to pay cash to the lender.
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
How The Repossession Process Works – Step by Step
In the UK, the Financial Conduct Authority (FCA) have specific guidelines in place that detail the exact process a mortgage lender must follow before they repossess your home. This should make every single step predictable, so you’ll know what to do along the way and what to do to stop repossession of house.
How to Avoid a House Repossession
- Lenders often have various options they can use to help you get back on track. So, consider discussing these with the lender:
- Set up a repayment plan for the missed payments, so you pay a little bit more each month until the arrears have cleared.
- Freeze interest on the loan, which should lower the repayments for a brief period.
- Reduce the payments owed each month but extend the duration of the loan. However, this will mean that you’ll need to pay more interest overall.
- Change your mortgage type or move to a different plan. Options will depend on what the lender offers.
If your income has changed, you should look into seeking financial assistance elsewhere. For example, claiming benefits, e.g., universal credit, homelessness help, or perhaps taking a part-time job, at least until you get back on track.
The repossession process will stop if you can prove you are selling your home. So, if you are really struggling to afford the repayments, it may be wise to sell your home quickly. This way, you can cover the money you owe on the mortgage quickly, and you won’t end up with a home repossession on your credit report.
Cash house buyers like We Buy Any Home are often the best way to sell your home quickly, so get a free cash offer today if you need assistance.
It is worth noting that if you sell your home before repossession, you will usually end up getting a better price for your home than your lender would, reducing the chances of you needing to pay cash to the lender.
Popular Areas We Buy Any Home
We operate across the United Kingdom including England, Scotland, and Wales. We can buy your house fast, whether you’re in the northernmost parts of Scotland or enjoying life on the beaches on the south coast.
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Sell Your House Quickly to Avoid Repossession
Nobody ever wants to deal with a house repossession. They are extremely stressful and very costly. If you are faced with a house repossession, it is important that you come to an agreement with your lender as soon as possible. If you cannot do that, then it may be wise to sell your home quickly. If you want to get a free cash offer on your home, reach out to us at We Buy Any Home. You could receive cash for your home in as little as 7 days.
How it works
- Step 1
Fill in the online form
Call us on 0203 740 1209
or fill in your details online through our Valuation Form.
- Step 2
Receive offer
- Step 3
Sale agreed
Frequently asked questions when selling your house after a divorce
Call our team of experts:
How quickly do most houses sell?
This depends on how you choose to sell the property. On the open market through estate agents and online property portals, expect to wait at least six months, while auctions have a turnaround time of 30 days.
With We Buy Any Home, the answer to how quickly most houses sell is up to you. If you need a sale in seven working days, consider it done. If you need longer, that’s not a problem either; the cash offer will remain guaranteed.
What is the fastest way to sell a property UK?
The fastest way to sell a property in the UK is through a cash house buyer like us at We Buy Any Home. We can complete a sale in as little as seven working days, which is pretty much impossible through any other method available.
Why is my house so hard to sell?
There could be a range of reasons that might make a house harder to sell. The biggest issue is due to a lack of demand. If your property is priced too high, requires more work than others, or is just not in a desirable location, you will struggle to sell your property.
Cash house buyers can always make you an offer on any type of property, regardless of any issues. So, if you need to sell quickly, it’s a great option.
What is the best day to sell a house?
The best day to sell a house can vary, it’s not an exact science. However, there is research which suggests that listing your home on a Thursday can help. This is because your property can generate interest and attention online throughout the weekend when many potential buyers have more free time for house hunting.
However, with We Buy Any Home, you can contact us on any day of the week, and we’ll be ready to buy your house.
Why should I use a fast house sale company, rather than a high street or online estate agent, or an auction?
You should use a fast house sale company such as We Buy Any Home if you want a guaranteed fast sale that is hassle-free and doesn’t have any additional costs associated with it. In comparison to using a sell house fast company, selling your home via methods such as a high street agent or an auction has far more potential downsides. If you put your property into an auction there are no guarantees that it will sell (even at your reserve price) and there will then be a public record of your property not being sold for that price, which would decrease its value on the open market. With a high street estate agent, your property could be sat on the open market for months without any viewings, let alone offers, and the same goes for an online estate agent. Using a fast house sale company is the only guaranteed way to sell your house fast.
Why not speak to us? Get a free cash offer and we can have you moving fast!
Do house sellers prefer cash buyers?
Yes, house sellers will usually prefer cash buyers, whether they’re a company or an individual. This is because a cash buyer can provide a quick and easy process to get the property sold. There are no delays in waiting for mortgages to be approved or other finance-related issues that can crop up.
Do houses sell faster than flats?
On the open market, houses will usually sell faster than flats. This is because there are more people looking to buy houses than there are for flats. Most people typically rent flats rather than live in them as a primary residence.
At We Buy Any Home, we’ll purchase any type of property, including flats.
How will you value my property?
We take a multi-faceted approach to valuing any property. When you first get in touch, we’ll take some details on your property over the phone and will do a desktop appraisal by looking at property and area details using various online sources. We’ll use this information to give you an initial offer. If you’d like to move forward at this point, we’d then send three independent local estate agents round to value the property in person and confirm our valuation. Assuming their valuations differ to ours, we would take the average of the three and arrive at a final cash offer based on this.
Get your property valued today, with us you get a free cash offer meaning you can move sooner than you think!
How can I be sure I’m getting the best cash offer for my house?
For a quick, guaranteed cash sale you will not get a better offer from any other fast house sale company. At We Buy Any Home we have our Best Price Guarantee, which means that we’ll beat any genuine offer you receive from a genuine cash buying company. As well as this, we have a rigorous valuation process in place, which means that we always arrive at the most accurate valuation for every property.
Looking to move fast? Then get a free cash offer from us today!
Do cash buyers pull out?
If it is a private cash buyer, they can pull out of a deal if there are no contracts that have been signed. However, with a cash house buyer like We Buy Any Home, we provide a guarantee with our cash offers, so as long as all the conditions are met, we will always complete a sale. Additionally, once you agree to sign your property then from that point onwards consider your house as sold.
How can I be sure you’re a reputable company I can trust to sell my property quickly?
In 2013 We Buy Any Home founded the National Association of Property Buyers (NAPB), along with a select group of genuine fast sale companies, as we were determined to uphold strict standards within the quick house sale industry. As well as this, we abide by the Code of Conduct set by The Property Ombudsman (TPO) and are fully regulated. Of course, the best way to learn about our service is to listen to our customers, who have given us a TrustScore rating of “Excellent” and a Google rating of 4+ stars.
How can you guarantee I can sell my home fast to you?
What sets We Buy Any Home apart from other companies is that we have our own money ready and waiting to buy your house. Furthermore, we have been in the business for 15 years with over 300 years of combined experience. This enables us to have a fast sales process and means we are able to complete a purchase in as little as seven days if needed. With our team of experienced professionals, the process from valuation to completion is seamless. You will have regular, direct contact with a dedicated sales progressor so you’ll always be kept in the loop and any potential hiccups can be solved quickly.
If you are looking for a fast house sale, get a free cash offer today.
What is the next stage after I agree to sell?
Once you’ve agreed to sell your property, we’ll ask you to complete some simple paperwork, and provide us with documents that prove who you are and that you own the property. We’ll also instruct 2 RICS qualified surveyors/valuers to assess your property, also free of charge to you. Then we manage the rest of the process as any normal sale to complete on the date you have chosen.
When you sell to us you sell fast! Get a free cash offer today!
How much will I have to pay to use your service?
There are no hidden fees to using our service – the offer you get for your home is the amount of money you’ll receive upon completion. Our cash offers and valuations are made at no charge to you, and the only cost you’ll be responsible for is a solicitor to complete the sale.
If my circumstances change, can I pull out of a sale?
In the very rare instance our offer has to change (for example if the survey finds subsidence) then you can walk away totally free of charge. If our offer has not changed, and you have simply changed your mind, then you may have to pay a small charge, depending on how much time and cost we have invested into the sale of their property at that point. We work off a case-by-case basis and are very considerate of each individual circumstance.
We pride ourselves on helping you move at no cost to you, why not start the process. Get a cash offer today!
Do you only buy houses?
No, we buy any home and can buy your flat, bungalow, a semi, a mid-terraced or detached house, it doesn’t matter to us! We buy all types of property, including flats and rural properties.
Use our enquiry form to locate your property, and if there are any issues, feel free to contact us.
How long will the funds take to be in my account?
We will typically deposit the funds into your account within seven days of your valuation being completed. Once a sale is agreed, the funds are usually deposited in your account within 24 hours.
Can you help me if I’m in arrears with mortgage payments or going through a divorce?
Absolutely. We have helped thousands of people who are selling through a divorce or financial difficulty and work with complete discretion to ensure you a stress free, fast service.
If you are in a hurry to move due to any circumstance at all, speak to us. Get a free cash offer today!
What documents do I need to provide you with?
To get a free cash offer, we will only need the details about your property. However, when it comes to selling, we will need the usual documents, such as the title deeds.
The documents we require from you depend on certain factors, such as whether you are selling a house through probate, or divorce, or if you are the sole owner of the property. We have a dedicated team on hand to help you with any paperwork we need.
Do I need a solicitor?
When selling a property, a solicitor is required to conduct the conveyancing process – this is the process of legally transferring home ownership from the owner to the buyer. We will provide you with a list of recommended solicitors to keep the process as efficient as possible.
Is We Buy Any Home buying my property or is someone else buying it?
We are a genuine cash buyer, which means that we are buying the property from your directly, with our own funds. A genuine cash buyer doesn’t depend on any third parties, such as mortgage lenders, and is not involved in any property chain. Any genuine cash buyer will be able to provide proof that they have the required funds.
This means you can sell fast, sell for free and sell now. Get a free cash offer today!
What is the fastest a home sale can close?
The fastest a home sale can close is seven working days. This is because there is time needed to complete any checks and get the legal paperwork in order.
What are the timescales for the sale?
The timescale for the sale is completely dependent on you as the seller. We can purchase your property in any time frame that works for you. However, the fastest timescale we can offer is seven working days.
What are the different stages and when will each happen?
We’ll ask you to complete some simple paperwork, and provide us with documents that prove your ownership of the property. We’ll also instruct 2 RICs qualified surveyors/valuers to assess your property, also free of charge. For more information, please see our How It Works page.
Could anything cause timescales to slip?
There may be some external factors that can cause a delay in our service. Examples of these are issues with the probate process, or if a solicitor is particularly slow acting (this tends to be when customers choose to instruct a solicitor not from our roster). Thankfully these issues are very rare.
Can conveyancing be done in 3 weeks?
If you are sourcing your own conveyancer, then it will depend on their availability. As many are often booked weeks or months in advance, it may not always be possible to be done in 3 weeks. Additionally, there can be delays during the conveyancing process, which can result in weeks of delays due to complications.
However, at We Buy Any Home, we work closely with solicitors who can help get the process completed efficiently.
Can conveyancing be done in a month?
If you are sourcing your own conveyancer, then it will depend on their availability. As many are often booked months in advance, it may not always be possible to be done in a month. Additionally, there can be delays during the conveyancing process, which can result in weeks of delays due to complications. However, at We Buy Any Home, we work closely with solicitors who can help get the process completed efficiently.