A home provides you a roof to rest, and owning a home undoubtedly has plentiful benefits. Owing house property provides you with a sense of ownership pride that every human yearns to feel. It is a beneficial investment that will provide you and your family security and stability.
However, that pride can be struck down to its lowest when a situation of repossession might occur and a mere thought of losing your house might stress you up like anything. In UK itself there had been several cases of house repossessions due to the financial Eurozone crisis. However, due the presence of companies that deal in stopping house repossession in UK, have actually avoided the foreclosure of houses and helped live a happier life to citizens Of UK.
How to Prevent House Repossession in UK?
There are several things you can do to rescue your property from being repossessed.
- Chest out your problem freely to your mortgage lender
- Ask your lender to lengthen the term of your loan
- Ask your lender to reduce the monthly payment for short period
- Ask him to add any repayment debt to the amount you have borrowed
- Hire a money advisor that can give you fair advice about decreasing your expenses and increasing your incomes, any government scheme that may help get out of the problem like Mortgage Rescue
- Re-mortgage you property with an ‘interest only mortgage’ or you could re- mortgage to release some equity which can be used to repay the outstanding arrears
- Consider selling your home by fastest home buying services
These companies not only stop the repossession of your house but they buy it instantly and give you the cash and you also have an option to move on or rent it back- Sell and Rent Back Option.
This Sell and Rent Back options provides you with a number of advantages:
- Helps release the equity and money tied up with your property
- Helps repay the existing debt/loan
- Helps you sell your house without you moving out from there