Avoid Repossession
If you are a homeowner, you can only be evicted by your mortgage, secured loan or freeholder proves to the court that there is a legal reason for evicting you. A strict procedure must also be followed. If you are being subject to repossession proceeding and wish to avoid repossession please call our advice team on 0800 074 6918 or apply online.
When it comes to dealing with repossession it’s very important to use your saving to overpay on a mortgage. These extra cash payments can show a mortgage company and a court that you are doing your best to reduce your liabilities.
Contact your benefits office
There is lots of help on offer from the government by way of extra benefits. The government offers a lot of help to families who cannot pay their mortgages.
What we can help you with:
- Advice on preventing court action for repossession
- Steps before court action for repossession
- Court action for repossession
- Advice on what to do if the court makes an order allowing you to stay in the property.
- Advice and guidance of you and your family are ordered to leave by court following a repossession order.
- Advice and support choosing a private sale and rent back
- Detailed advice on how to deal with the instance of repossession by a landlord's lender
Mortgage Arrears
Depending on your payment history, your circumstances and whether your difficulties are likely to be long or short term, your lender might agree to:
- Reduce your payments for a set period
- Charge you interest only for a while if you've got a repayment mortgage (usually you pay capital and interest)
- Allow you to pay off the arrears gradually, alongside your usual payments
- Give you a 'payment holiday'
- Extend your mortgage term to reduce your payments
- Add your arrears to your mortgage and pay them back over the term
- Let you stay in your home while you try to sell the property and find somewhere else to live
- Suggest other assistance, such as one of the government schemes to help with mortgage difficulties
Negative Equity
Negative equity occurs when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In some parts of the UK people have themselves in negative equity, where their property is worth less than the mortgage they took out to buy it. Others are unable to make the move to a second, bigger property because of the huge cost of moving home.
Remortgaging
When your initial mortgage deal get to about 3-6 months towards its end, you should shop around to see if there are any better deals on the market. This process is calling remortgaging.
When your mortgage deal ends the payments usually get more expensive because you revert to the lenders Standard Variable Rate (SVR). the lenders Standard Variable Rate (SVR) can be more expensive. You need to speak to your lender or a qualified mortgage adviser to see what your options are.
Remortgaging can save a lot of money if you have a lot of equity in your property. There can also be attractive rates to those with lower rates of equity
Remortgaging can save home owners a lot of money. Sometimes remortgaging can cut 1% off a mortgage saving hundreds of pounds. Remortgaging whenever your fixed deal with your lender ends and going to cheaper lender should always be investigated.
You should always speak to a qualified mortgage adviser who will let you know whether the remortgaging saving will outweigh the costs.
If you are being subject to repossession proceeding and wish to avoid repossession please call our advice team or apply online.
