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How To Stop House Repossessions

The thought of your home being repossessed can be really scary, but all is not lost. You still have options.

We explain the process below and have pulled together some suggestions so you can make the right choices for your individual situation.

Quick Page Navigation

  1. The house repossession process
  2. Steps to avoid repossession of your home
  3. House repossession advice
  4. Act quickly with our sell house fast service
  5. How much will we offer for your property?
  6. Why choose us?
  7. Can you trust The Property Buying Company?
  8. FAQs


The House Repossession Process

House repossession is a last resort. If you let your mortgage lender know you’re struggling as soon as possible they should be able to assist you in putting steps in place to get you back on track. Communication is key when it comes to keeping your home. Don’t ignore your lender. They will help you as long as they know the facts. Trying to pretend that your financial situation isn’t as bad as it is could result in legal action and you might lose your home.


Stop Your Home Being Repossessed:

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Steps To Avoid Repossession Of Your Home

If you’re struggling to make your mortgage payments there are a few things you can do to avoid repossession:

  • stop house repossessionsBecome stricter with your finances – you might feel that your money is all spoken for, however if you make a list of your expenditures each month you may be surprised at some of the little non-essential items that you could really cut back on. Over the course of a few months you’ll notice a difference.
  • Get expert advice –  although you won’t have additional money to pay for legal services, it is possible to get some advice for free from various experts. There are a few charities who can give you relevant information as well. Depending on your situation, you might be eligible for legal aid so look into that before considering any other options.
  • Check if you’re entitled to benefits – if you’re struggling to re-pay your mortgage because you’ve lost your job or your health has affected it, then you may be entitled to certain benefits. Although the amount you’ll receive might not cover your mortgage re-payment, it will help to take a bit of the pressure off. It is worth noting that some benefits will qualify you for Support for Mortgage Interest (SME) which will help with your mortgage repayments.
  • Talk to your lender – when you miss a mortgage payment your lender will call you. It is at this point that you should explain your situation and tell them that you’re struggling. They will work up a ‘payment arrangement’ between you and your creditor. The lender will only start legal proceedings if you fail to make any of the amended repayments for the next 3-6 months.
  • Sell your house quickly – if your financial situation looks unlikely to improve then it might be worth considering selling your house quickly for a cash sum. Although this may not be ideal, it will enable you to receive a lump of money and you’ll stay in control of the sale. You can do this via a traditional estate agent, however this may take a long time. Alternatively, you can use a quick cash buyer like us. Although you’ll get slightly less than the market value of your property, you’ll receive a fair cash sum and we will work to your timescale. In addition, all legal fees are included so it won’t cost you a thing. Provided you have equity in your property, the money you’ll receive from the sale will pay off your mortgage arrears and the rest is yours to keep.


House Repossession Advice

Only seek legal advice from a professional. Although we are able to point you in the right direction, we would suggest that you do your research first in order to make the best decision for you.

You can get free advice from these services:

Want to end your worries? Sell to us:

Get an offer

Act quickly with our sell house fast service

We’re property buying experts. We help people in a variety of situations to get a fair cash sum for their property. Even if you are facing repossession, as long as you have equity in your property then we could be an option for you. We’ll enable you to re-pay your mortgage arrears and whatever money is left can help you to start afresh elsewhere.

How much will The Property Buying Company offer for your home?

We are as transparent as we can be from the start, we're clear in the fact that we are unable to offer you full market value. We offer a fast buying service that means we can purchase your property in as little as 7 days, with no estate agent fees, no mortgage involved, and no council tax or utility bills over the months you would typically be waiting to sell. As a rule of thumb we typically offer around 80% of the market value of your home, but this depends as sometimes it can be more or less, it depends upon the condition of your property and its location. There's no obligation, so if you fill in an offer request by clicking a green 'get an offer' button we'll be able to provide you with an offer on your property.

Why choose us?

  • We can offer you a fair cash sum
  • Complete in a timescale to suit you
  • All legal fees are included in the service so there are no hidden costs
  • You’ll rescue some equity from your property that won’t be taken by your lender
  • We can help you move house
  • Our team of experts offer advice and support throughout the process

Can you trust The Property Buying Company?

We understand that selling your home is a big deal, and you need to ensure that whoever you are selling it to is trustworthy. You may feel at ease to know that we are part of The Property Ombudsman (TPO) and the National Association of Property Buyers (NAPB) which ensures that we operate to the highest standards and all home owners are treated fairly. We are dedicated to providing a quality and professional service throughout our whole process, but you don't have to just take our word for it. Read our reviews on TrustPilot and Reviews.co.uk.


Heard enough?

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FAQs

  1. What happens to my mortgage debt after repossession?

    Speak to your lender if you have any specific queries regarding your arrears. Each lender is different so they will be able to talk to you about your individual case. If you sell your house via a quick cash buyer then part of the lump sum you’ll receive will pay off your debt and the rest is yours to keep.

  2. Does my house being repossessed impact my credit rating?

    Yes because you have defaulted on payments. You will have to work towards boosting your credit rating if you want to get a mortgage or loan again in the future.

  3. How long does a house repossession take?

    Around 28 days, but the judge could stretch this to 56 days depending on your circumstances. The court order will let you know the exact date you are expected to leave the property, as decided by the judge. A possession order will be granted if the judge decides that your home should be repossessed.

Take your first step:

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How much can you get?

Complete a few details to see if your property qualifies and get a cash offer

5 simple steps to having your property sold!

Our quick (but thorough) 5 step sale process means we can buy your house fast and at a great price

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  • 01.

    Check to see if your property is eligible check now

  • 02.

    Receive an offer from us within 24 hours

  • 03.

    We’ll visit your property & formalise our offer

  • 04.

    We’ll instruct solicitors and pay all fees

  • 05.

    Exchange contracts & complete as usual

Rated as Excellent - aww thanks guys!

Independent reviews of our service from reviews.co.uk

4.74 Average

507 Reviews

Gary Adcock

Day light robbery, should be thoroughly ashamed at attempt to steal my home for a pittance, preying on people who are vulnerable, the offer made was derisory and way off the mark of local valuations

Posted 6 days ago

Sue and Paul

I had a great experience with this Company, from start to finish they were excellent, especially Justine and Fiona. They were there to talk any time I needed them and there was no hassle what so ever with my house sale which went through really quickly. What more can I say 5 star. Thanks very much.

Posted 2 weeks ago

Ewa

Nick was very helpful and friendly. He explained the process in details. I am still in process of selling and so far I feel really comfortable knowing I can count on Nick. I wish every service I am receiving in life would be like that. Definitely I would recommend.

Posted 3 weeks ago

wahab ali

really help us alot

Posted 1 month ago

Steve

An excellent service and lots of info and contact between both parties, a special mention and thanks to Justine for her help and advice, would certainly recommend.

Posted 1 month ago

Why sell your house to us?

We’re one of the leading buyers of residential/commercial property and land in England and Wales. We buy using our own cash facility meaning we can offer the best prices in our industry and complete the sale quicker than anyone else.

Your options Average sale length Typical cost to you
The Property Buying Company 2-3 weeks £0.00
Other House Buying Companies 2-10 weeks £1000
Property Auction 6-10 weeks £2500-£5000
Online Estate Agents 16-52 weeks £1000(upfront)-£5000
Estate Agents 16-52 weeks £5000

Unlike most of the other options available to you, we are not a broker or middle man, meaning you skip the fees and get a sale quickly and easily.

The Property Buying Company is registered with the Property Ombudsman and is a member of the National Association of Property Buyers

National Association of Property Buyers The Property Ombudsman
500+

Properties bought by us for cash in
the last 2 years

£61,554,000

Of our own money spent buying
property for cash

2-3 weeks

Average time taken from initial offer
to completion