Facing repossession
If you are behind on your mortgage, the most useful thing to do is act early. There are usually more options at the start than at the end.
Selling is one of them. It is not always the right one, and we will say so if it is not.
This might be you if
- You have missed payments and your lender has been in touch
- Payments have gone up and no longer fit your income
- You have received a letter about court action
- You would rather sell on your terms than have the lender sell for you
Worth knowing, whoever you sell to
Get free advice first
StepChange, Citizens Advice and Shelter all give free, independent advice on mortgage arrears. Talk to one of them before you make any decision about selling.
Talk to your lender
Lenders are expected to try to agree a plan with you before going to court. A payment arrangement or a change to your mortgage terms may be possible.
What happens if the lender sells
If your home is repossessed, the lender will take control of the sale. Interest and other costs may continue to add to what you owe, and if the property sells for less than the outstanding mortgage and associated costs, you may still be responsible for the shortfall. Selling before repossession will often leave you with more control over the process and may put you in a better financial position. But every situation is different, so it is important to understand your options and get independent advice before deciding what to do.
- 1We give you a clear figure so you can compare it with what you owe and with your other options.
- 2We can talk to your adviser if that helps.
- 3If selling is not your best route, we will tell you.
How a sale to us works
- 1
A short call
Tell us about the situation and the property. Why now, whether there is a date to work to, and what condition the house is in.
- 2
We do our homework
We look at the property, the local market and the work it needs. No surprises later.
- 3
An offer, with the reasoning
Usually within two to three days of our first call. One figure, and how we got there.
- 4
You decide
Compare it with your other options and take the time you need. If it is not right for you, that is the end of it.
- 5
Solicitors complete the sale
Your solicitor and ours handle the legal side. We keep you told where it stands.
Common questions
Is it too late if court action has started?
Not necessarily. Get free advice straight away, and tell your lender you are exploring a sale.
How quickly can you make an offer?
Usually within two to three days of our first call.
Tell us about the house.
A short call, no obligation. An offer usually follows within two to three days.
