Many people struggle with the costs of owning a property as it is one of the biggest financial burdens of our lifetime.
Costs aren’t just limited to your monthly mortgage payments, they’re just the tip of the iceberg, there can be unexpected repair bills as well as the general cost of heating and lighting the premises on top of the council tax rates.
The Financial Conduct Authority (FCA) has stated that there is approximately £15 billion in late mortgage payments owed in the U.K. This figure equates to more than 90,000 households who are in arrears of more than 2.5% of their outstanding mortgage balance.
The Repossession Process
Having your property potentially repossessed probably never crossed your mind until the risk of such a reality popped up. What is most alarming for most who encounter this situation is how out of control they feel and are.
If you have missed your mortgage payments and have received letters from your mortgage lender informing you of the amount of arrears, staying calm and contacting your mortgage lender and informing them of your situation is the best thing to do, as this will usually result in your mortgage lender providing you with timescales, setting up payment plans and providing advice to help you get the situation under control.
Failing to contact your mortgage lender will result in more arrears letters being sent and then leading to repossession of your property which means that the courts have decided that your mortgage lender can repossess your property.
A court appearance during the repossession procedure shall be necessary as this will be the stage that you can state your case to the judge and this can sometimes lead to alternative scenarios. If the court decides that repossession is the best option then you will be provided with a date on which you must vacate the property. If you fail to leave the property on the date provided, bailiffs will then be sent to enforce possession. But there is a solution!
Speaking to your mortgage lender should always be the first step, after all you are their customer and they will typically look to find a solution as that is the best for both parties.
If you are currently in a situation where you are trying to avoid having your property repossessed, then contact Hamilton Paige today. We are here to help and can provide a no fee solution for any distress situation.
We have a list of potential solutions which you may like and they all work towards stopping repossession immediately and keeping you safe. Hamilton Paige is not a debt collection or mortgage lender however we do know the property market very well and we are confident we can help turn any situation around.
Any offer and advice we provide is free and with no obligation. All conversations are private and all financial situations are considered including those of extreme financial distress. You can be assured that all our offers and solutions are not designed to take advantage of any financial situation and we shall ensure you are totally comfortable and in the driving seat of all the decisions.
Hamilton Paige provides a quick and hassle free service. You will not be involved in a chain and you will not have the uncertainty of a buyer dropping out from the sale. You can call us on 020 8175 6977 or email us firstname.lastname@example.org or use the contact page for more details. Tips on selling your Mortgage Repossession .
We Help Property Owners By;
Solving Financial Difficulties
Resolving Legal Issues
Maximising Value Via Property Development
MORTGAGE ARREARS: If you have an urgent financial situation which may lead to the sale or repossession of your property, we will work with you to solve or contain the problem, as this buys you time to consider your options. Our primary goal is to keep you and your family at home. READ MORE.
MAXIMISE YOUR PROPERTY VALUE: If you have a property which is in need of renovation or you want to develop your land or property to maximise profit for sale or refinance, we can help. We have a number of packages available to property owners who would like assistance in obtaining planning permission and/or developing their property. READ MORE.
Which Solution Works For You?
Meeting Your Financial Commitments
Expired Bridging Loan; If your bridging loan term is about to end or it has already expired, we work on your behalf to liaise with receivers, trustees or administrators to agree terms to prevent a forced sale of your property at auction or via estate agents.