"Starting to feel there's a light at the end of the tunnel, thank you"
Mr G., Oakwood, Derby
House Repossession takes place by a lender when payments on a mortgage account have fallen behind, and the homeowner has been unable to reach an agreement as to how the arrears should be repaid.
On this page, we explain the House Repossession process and take a look at the events that can lead to your home being repossessed. We also offer information on the vital steps you should take if you are facing house repossession, and how we here at Shire Direct can usually help.
Table of Contents:
House Repossession is the process a lender will take if your mortgage payments have fallen behind, and you have been unable to reach an agreement as to how the mortgage arrears should be repaid.
The proceedings for House Repossession are usually entered into by the lender as a measure of last resort, after all other avenues that they can employ, have failed.
House repossession, in other words losing your home, is undoubtedly an extremely frightening experience for homeowners and their families. Nevertheless, if you are faced with possession proceedings, it is vitally important that you take the matter very seriously, and do not panic! The issuance of possession proceedings is just the start of a series of legal processes, and if the correct and considered action is taken, house repossession can often be stopped.
It is important to note that if you are faced with house repossession, you must act quickly. The problem will not go away, it can only deteriorate if left. We will help you to confront the problem, and solve it.
We have set out below the likely course of events that have led up to the lender taking house repossession action, and the procedures that could follow if the property is ultimately repossessed.
In most cases, yes! In view of the serious consequences of your home being repossessed, we must all act quickly! Please get in touch with us, and one of our professionally qualified advisors will quickly ascertain the best way of tackling the problem. Here at Shire Direct we're geared to providing our customers with quality service and advice.
If you are facing house repossession, we'll carefully review your circumstances, and take you through the options that may be available to you, whilst keeping in mind the timeframe that is likely to influence the lender's future actions. Shire Direct are specialist brokers in the credit impaired marketplace, and one of our functions is to arrange credit repair solutions! We have a portfolio of specialist lenders who offer mortgage products that will consider borrowers whose mortgages may be in arrears, or even where their property is under the threat of repossession.
Our special services advisors and staff are geared to act quickly in your best interests if you are facing house repossession, depending at what stage you are at. We'll contact your lender and if necessary the court on your behalf, and keep you advised as to the progress we're making.
You'll be pleased to know, usually, yes!
We have to put our expertise into top gear, but you should remember that the court can be approached any time up to the date of eviction for an application to suspend house repossession, on the premise that you can resolve the situation.
A mortgage advisor from Shire Direct will carefully assess your difficulties, and make an appropriate recommendation, taking into account the urgency of your circumstances. In our experience this type of problem has usually arisen as a result of one or more of the following:
The solution is usually to switch your mortgage to a specialist lender who will take into account the higher risk because of the seriousness of threatened repossession.
It is important that you are carefully advised at this precarious time, and that you don't jump out of the frying pan into the fire! Our qualified advisor will conduct a financial review with you, so that he can properly advise you of your options, and make a suitable recommendation. This may not only involve remortgaging your home with a new lender, and paying off all your arrears, but may also include consolidating your other debt in order to restructure your finances to a comfortable position where your outgoings are manageable and affordable!
Needless to say, the experience for you and your family of having your home repossessed would be little short of catastrophic. You'll be unceremoniously taken away from your friends and familiar surroundings. Many decisions will be out of your hands, such as where the council will house you. Your property is likely to be sold at a property auction where it is likely only to receive a "forced sale" value, which means that you may only receive 85% to 90% of the full market value of your house. this could mean that after the legal costs of the repossession and sale are added to your mortgage debt, that there could be a shortfall, and accordingly you would still owe the lender money. once you have gone through property repossession, you may well find it is very difficult to get back onto the property ladder.
However, it is very important to remember that house repossession is not automatic. If we can assist, we will ensure the correct procedures are set in motion and fast! it may be possible to stop the house repossession proceedings at any stage prior to eviction. Shire Direct can usually help, even after a possession order enforcement has been issued by the court.
As you can see, the implications of repossession and eviction are frightening! As previously explained, most lenders will only repossess as a last resort, and will generally prefer to resolve the situation in other ways if they can.
Shire Direct have developed a portfolio of specialist lenders who are prepared to help in these difficult circumstances, by acting quickly to arrange remortgaging funds, provided that you are still living in the property, and that your home is worth more than the debts secured on it.
So, if you fall into one of these categories, you should contact us as quickly as possible, and speak with one of our mortgage specialists:
You'll find our mortgage advisors will deal with your problems sympathetically and not judgementally, we believe our approach is friendly and professional, and that you certainly won't find us to be stuffy!
Here at Shire Direct, we understand how worrying the problem of house repossession can be, and we have the knowledge and expertise to help you get back on track!
Hopefully we've managed to answer any initial questions you may have had with regards to house repossession, please don't hesitate to contact us if you think our help and advice could be useful! Our professionally qualified Mortgage advisors are available from 8am up until 10pm everyday including weekends on Freephone 08000 282 281, you can also enquire online at anytime! Remember, we're here to help you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
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