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I'm Trapped By My house repayments - Is There A Way Out?

We Disclose Over 10 Forms Of house repayments Prisoner Help!

Life as house repayments prisoners isn’t the most pleasant - neither is it cheap. As a house repayments prisoner, you can be expected to pay in excess of double the interest rate of the average homeowner. Why? Because of a flaw in the house repayments application process. A flaw that’s been burning a hole in prisoner’s pockets for the good part of decade. Just one of the reasons why organisations across the UK are campaigning to get house repayments prisoners compensation and help them escape high interest house repayments deals.

Speaking of which, escaping house repayments imprisonment isn’t actually as difficult as it sounds. Keep reading and we’ll reveal how you can be freed in just 7 days…

There’s estimated to be over 250,000 house repayments prisoners in the UK, so as you can imagine, there’s a lot to tell you. Use the menu below to navigate to the most relevant section…



What does house repayments prisoner mean?

We’re pretty sure you’ll know this so we’ll keep it short.

Being house repayments prisoners means that you’re trapped in your current house repayments deal, unable to redoing house payments away from your current lender to take advantage of a cheaper rate.

The most common reason for house repayments imprisonment are the changes to eligibility criteria that were introduced by banks in the aftermath of the 2008 financial crash. Changes that tightened the existing criteria without considering its effects on current customers. Particularly those who’d just taken out a low equity house repayments or whose lender was no longer active. Exactly why a large proportion of help for house repayments prisoners is directed at ex Northern Rock and Bradford & Bingley customers, who’ve been unable to redoing house payments away from their current deal.

Although, other factors can cause house repayments imprisonment too. For instance, a drop in household income or a decline in your credit score can hamper your ability to redoing house payments. For those with a small amount of equity in their home, falling into negative equity is also a cause.


What happens to house repayments if banks collapse?

house repayments prisoners

When a bank collapses, your house repayments will not be revoked. You still keep making your monthly payments as usual and if you savings are with your lender they will NOT be used offset any house repayments debt. You’ll still be entitled to compensation on your savings as usual.

Instead your debt will be sold on to either another bank, building society or investment firm. After which your payments will be simply be payable to them.

In the case of Northern Rock, its house repayments were first in the hands of the UK Asset Resolution (a state owned company), but were later sold off in 2015 to private equity firm in the US called Cerberus Capital Management. Whereas those issued through Bradford & Bingley or house repayments Express are still held by UKAR.


What is an inactive lender?

An inactive lender is a corporate term for a house repayments company that is no longer lending, but is authorised to do so. While a lender who is inactive may still operate, because they don’t offer any house repayments products, borrowers who are with an inactive lender don’t have the option of an internal switch. Just one of the strategies that would be of great help for house repayments prisoners.

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What will stop me from getting a house repayments?

A lot of factors can stop you from getting a house repayments. Fall into one of these categories and it’s highly likely you could be deemed to be house repayments prisoners. Here’s just a few of these factors for you to consider…

house repayments prisoners because of a poor credit rating – Your credit score is one of the first things a lender will look at when assessing your house repayments application. Even if you’ve previously had a house repayments for that amount or are just looking to do an internal switch, you can still be rejected because your credit score is no longer up to scratch. If the effect on your credit score has been particularly bad then you may be declined house repayments finance altogether or become a house repayments prisoner.

Imprisoned by negative equity – Equity is the portion of your home that you own. Negative equity is when this portion falls below zero. The most common instance of negative equity is when house prices fluctuate. When this happens, your investment in the property can reduce in value, just like property’s value itself. Meanwhile the size of your house repayments loan does not, which means that theoretically you now have debt on top of any house repayments finance. A situation that can often leave you trapped in a high interest house repayments deal.

Losing your job & becoming a house repayments prisoner – A form of income sits at the heart of any house repayments application. Loose that and you’ve got a good chance of becoming house repayments prisoners. Unless you have strong evidence that your income will be improving, then it can be very difficult to secure any form of house repayments finance. This is why the self-employed often find it hard to get house repayments and are far more liable to becoming house repayments prisoners.

house repayments prisoners because of age – house repayments are lengthy loans, so someone’s age really does matter. If someone could take out a 30-year house repayments when they were 80, it’s likely it would never get repaid. Therefore, age can often be another reason for why you become a house repayments prisoner.

redoing house payments in your later years can be tough. In order to reduce the risks associated with old age, a lender will require you to opt for a shorter term. A move that can cause your monthly payments rise quite substantially. If age is barrier that’s keeping you imprisoned, then an interest only house repayments may be the way forward.

Victims of tighter affordability criteria – In response to the financial crisis, in 2014 lenders adjusted their affordability criteria to make it harder to qualify for a house repayments. They made applications more stringent by judging applicants on their financial health opposed to just their household income. However, when they did so, they neglected to consider its effects on those currently with a house repayments. With the new criteria demanding homeowners to have more equity in their house, those who’d taken out high percentage house repayments in the early 2000s of 90%, maybe even 100%, found themselves house repayments prisoners due to a lack in equity.

BONUS: Imprisoned to a house repayments due to the effects of COVID or BREXIT – How lenient lenders are with house repayments ultimately depends on the country’s economic situation, so as you can expect, BREXIT and COVID could have a significant impact on the success of house repayments applications. As these seismic events spread uncertainty it’s likely that lenders will adapt, being more frugal with their house repayments. What’s more, unstable times mean that it’s more likely that potential borrowers suffer financial setbacks or a loss of equity in their home. All of which increases the chance of becoming house repayments prisoners.


help for house repayments prisoners

The FCA offer help for house repayments prisoners – new rules for 2021

As of 2021, the Finical Conduct Authority (FCA) has published a revised set of rules around affordability checks, to offer help for house repayments prisoners.

FCA’s changes allow lenders to adapt their affordability assessments to enable house repayments prisoners to migrate onto more competitive deals, providing the applicant has no house repayments arrears. What it means is that applicants who are trapped by their house repayments, will be judged on their payment history rather than the new stringent affordability checks.

However, the new rules have been implemented by lenders in different ways. For some it’s been a case of creating new products specifically for house repayments prisoners. Whereas for others (usually larger lenders) allowances have been made in their current application process to give a house repayments prisoner help. For instance, a house repayments prisoner will only be subject to stress test of no more than 1%, where usually it’s be 3%. For those who’re considered too old for a house repayments, new interest only house repayments are available.

To learn more about the updated criteria, read our 5000 word blog specifically designed to help house repayments prisoners.


Is there still help for house repayments prisoners who don’t meet the criteria?

Yes. In the case you don’t meet the criteria, you can always apply for various house repayments prisoner compensation schemes. If you’ve been prisoners for a long time, then this may be a valid route to take. The law firms involved with these sort of cases, are reported to have handled legal proceedings for house repayments prisoners who’ve been paying up to 5% interest for in excess of a decade!

You can also find help for house repayments prisoners by reaching out to the UK house repayments Prisoner Support Service. A not-for-profit organisation designed to offer help for house repayments prisoners and who along with Money Saving Expert, were the driving force pushing for this new legislation.



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How can I get out of a high interest house repayments?

It can be painful to be trapped in a high interest house repayments, especially when you’re conscious that a redoing house payments would save you a large chunk of money each month. Well thankfully, if you are a house repayments prisoner on the hunt for help, we’ve got you covered. Here’s over 10 strategies that could help you ace your stress test and free yourself from house repayments imprisonment…

The TPBC checklist for house repayments prisoners (we’ve saved the best until last)


Pay bills with direct debit

Before taking any serious action, the first step any house repayments prisoners should take is to eradicate the chance of their credit file being harmed, not matter its condition. The easiest way to do so is make all your payments via a direct debit. That way no payments are missed and in the eyes of a lender, you are reliable on a regular basis.

Remain employed for a good length of time

Your income largely determines how much a lender will allow you to borrow, so it’s important that they can see it’s reliable. Demonstrate that you’re in a stable job by applying for a new house repayments after two years or more in your position and you’ll stand a far better chance of being accepted. A long term strategy for those who’ve just started a new position, but nevertheless a factor you should bear in mind.

Reduce any unsecured borrowing

As house repayments prisoners you should be actively trying to reduce your liabilities, as having too many can give a lender cold feet. Offsetting any outstanding debt or reducing your expenses, is a full proof way to increase your financial health and get on your lender’s good side. Ultimately the key to finding help as a house repayments prisoner.

Check file for errors

With computers nowadays, it’s easy to monitor your credit file than ever before, so take advantage of it! If you check your score and looks suspiciously low, reach out to either your lender or the credit agency to see if you can get it rectified. The last thing you need is to be prevented from remortgaing because of someone else’s petty mistake.

house repayments prisoner help

Watch out for joint accounts

While joint accounts can be useful, if you or your partner doesn’t have an A* credit score, you’d be wise to revert to an individual account for the time you’re house repayments prisoners. Fail to do so and lenders are likely to view you as a less reliable applicant, which may lead to them declining your application and you been no closer to freedom.

Strategic spending

Spending isn’t always bad. Lenders want to see reliability and in order to show them that you have to spend, regularly. Strategic spending is where you take out a credit card and spend no more than 25% of the available balance each month. You then pay this off IN FULL via direct debit. Repeat this for a couple of years and you may instil the trust in your lender that’s needed to get you help as a house repayments prisoner.

Speak to your lender

Although lenders are making money off your house repayments, that doesn’t mean they’re your enemy. In fact, they’ll almost always be willing to help make payment in any way you can. Otherwise the profitability of your loan slumps. So, if by preventing you from entering arrears and defaulting means transferring you to another house repayments product, it’s likely they’ll offer you a helping hand.

Reach out to a house repayments adviser

For house repayments prisoners, speaking with a house repayments adviser before they apply is a MUST. After all, house repayments advisers are in close contact with lenders and know exactly what they’re after - golden information! Plus, they’ll usually advise you on your situation for free and are a reliable source too. A broker only gets paid if you take out a house repayments, so they’re going to honest and up front with you as to whether you’re likely to be accepted.

Opt for a negative equity redoing house payments

Entering negative equity isn’t a bottomless pit – you can escape! Although lenders don’t advertise it for obvious reasons, a select few will offer negative equity redoing house payments. Whether you’d be eligible for one of these would depend on their sympathy for you and your current situation.

Look into low equity house repayments

In the case you do have equity, just not enough to redoing house payments, then a lender may be willing to offer you a low equity redoing house payments. This would typically be anything above 90% of the market value. In fact, being house repayments prisoners may actually work in your favour. If you’ve kept up to your house repayments for X number of years, to a lender you present a high profit opportunity with relatively low risk.

Don’t miss guarantor house repayments

Providing you know of a reliable relative or close friend, guarantor house repayments can be a surprising form of help for house repayments prisoners. Call them the steeping stone in-between a bad deal and a good one. redoing house payments using a guarantor, and a couple of years down the line you could be eligible to switch back onto a standard repayment house repayments. A bit of a long way round, but it’s certainly a possibility.

Add value to your house

As much as your house repayments is what’s holding you hostage, adding value to your house could actually be your way out, especially if at the moment you’re sat in negative or low equity. Do so correctly and you could be able to claw a portion of this equity back, to reduce the amount you need to borrow. However, the extent to which this strategy would be viable, depends on the size of your savings and the scope to add value to your property.

The elephant in the room

Okay, so the elephant in the room – that’s your property.

It’s the reason you applied for your house repayments in the first place and also the reason you’re reading this article, hunting for help for house repayments prisoners. So, only logic would suggest that selling your property to pay off the loan could be the way to go. Use your remaining equity for a down payment on your next home and you could have escaped your bad house repayments quicker than you think. Only thing is, to get this tied up within a week, you’d need a FAST house sale through a cash buyer…


As one of the UK’s leading national homebuyers with over 50 years’ experience in buying property, we can help you do just that. Within the course of just 7-days, we’ll pay you CASH for your home to help you cut the ties between you and your high interest house repayments.

No hassle – no fuss – no hidden costs.

Sell your house to us and we’ll cover your legal fees, the cost of your surveys and even help you negotiate on an onward purchase if need be. Can’t say fairer than that!


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