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How to avoid house repossession

We all assume that we will move out of our home as and when we are ready. But what do we do when this decision is taken out of our hands? A lot of people struggle with the cost of owning a home. Property provides one of the biggest financial burdens people face in their lifetime, with many people stretching themselves to be able to afford to put a roof over their heads. The cost doesn’t end when you get the keys either. This is just the ‘end of the beginning’ given the ongoing cost of paying a mortgage and footing the bill for any repairs required.

With this in mind, it’s little surprise that some people struggle to keep up. The Financial Conduct Authority points out that there is more than £15 billion in late mortgage repayments owed in the UK. While this figure has fallen in recent years – especially since the 2008/9 recession – it’s clearly a significant amount. Indeed, more than 80,000 people are in arrears of more than 2.5% of their outstanding balance.

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Stop house repossession

If you fall behind on your mortgage repayments your lender will inform you of your mortgage arrears. This is how much money you currently owe them. Remaining calm and communicating with your mortgage provider will often stop the repossession process there and then, with many lenders giving time frames and alternative payment plans to help you take control of your situation.

If you fail to get in contact with your lender they will file for a repossession order; this means that the courts have decided your mortgage provider can repossess your home. You will be required to attend a court hearing where you can voice your case to a judge. Often, solutions to stop repossession orders can take place at this point.

If the court decided that repossession is the best option you will be provided with a date you must leave your property. If you fail to do so bailiffs will be sent to your home to remove you. Your mortgage lender will then sell your home and return any remaining funds to you.

However, house repossession doesn’t need to be the answer.

House repossession process

If you fall behind on your mortgage repayments your lender will inform you of your mortgage arrears. This is how much money you currently owe them. Remaining calm and communicating with your mortgage provider will often stop the repossession process there and then, with many lenders giving time frames and alternative payment plans to help you take control of your situation.

If you fail to get in contact with your lender they will file for a repossession order; this means that the courts have decided your mortgage provider can repossess your home. You will be required to attend a court hearing where you can voice your case to a judge. Often, solutions to stop repossession orders can take place at this point.

If the court decided that repossession is the best option you will be provided with a date you must leave your property. If you fail to do so bailiffs will be sent to your home to remove you. Your mortgage lender will then sell your home and return any remaining funds to you.

However, house repossession doesn’t need to be the answer.

How to avoid house repossession

Most people are aware if they are not keeping up with their mortgage payments and it doesn’t take a notification from your lender for the panic to set in. Whether you have received a letter or not, get in touch with your lender as soon as possible; communication is key.

How to stop repossession

Speak to your lender. Mortgage lenders aren’t out to get you. You are a customer and they will often be keen to find a solution for you if you are upfront and honest. They are human too and will be sympathetic to your case.

As soon as you suspect you might be in trouble with your mortgage provider, you should talk to them. Don’t be afraid – honesty is the best policy here. Remember, they want to be able to recover their money so it is definitely in their interest to try to establish realistic payment terms that you will be able to stick to.

It might well help you to do a little bit of preparation before you contact your mortgage lender. If you can show you have a sound budget plan and make them an offer of what you can pay, you’ll show that you’re a responsible borrower and are keen to fulfil your responsibility.

Solutions could include any of the following:

  • Changing to an interest-only mortgage
  • Adding your arrears to the mortgage itself
  • Taking a ‘mortgage holiday’
  • Selling an endowment policy

However, if you would prefer to get out of arrears with your provider you have the following options:

  • Take in a lodger
  • Rent out your home
  • Voluntarily sell your home

Overpaying your mortgage to avoid repossession

For many, their mortgage allows them to pay a little more than the set amount each month (often this is 10% a year, although each provider may have slightly different rules so you must check). This process of ‘overpaying’ can come in very handy if your circumstances change in the future, as it allows you to build up some extra equity in the property you own and also earn some brownie points with your lender. If, for example, you were to lose your job and struggle to make your repayments, this extra funding buffer can really help.

You won’t pay interest on overpayments and you might well find that your money ‘works harder for you’ by paying more off your mortgage, rather than sitting in a savings account with a low interest rate.

The number of people with
mortgage arrears of more than
2.5% of their outstanding balance…

2.5% – 5%

34,900

5% – 7.5%

15,300

7.5% – 10%

8,600

10%+

24,500

Are you currently trying to avoid having your home repossessed?

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We operate across the United Kingdom including England, Scotland, and Wales. We can buy your house fast, whether you’re in the northernmost parts of Scotland or enjoying life on the beaches on the south coast.

We’re completely transparent throughout the process of buying your home. Here’s how it works:

We Buy Any Home
  • Fill in the online form
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    or fill in your details online through
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  • Receive offer
    Once we’ve received the details of
    your property, we will make you an
    offer within 24 hours.

  • Sale agreed
    The sale will be agreed! Sit back, relax,
    and let us take care of all the work.

Frequently asked questions when buying your house.

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How to stop repossession of your home?

If you’re facing repossession and looking for a way to avoid this, We Buy Any Home can step in and purchase your property for cash, which would stop the repossession from taking place. How this works, is that the cash we pay you will cover what you owe the bank – as long as our cash offer is greater than the amount you owe on the mortgage. From the moment you contact us we can act very quickly to purchase your property and stop repossession from happening; our quickest turnaround time from initial contact to completion is just 7 days. However, you should always contact us as early as possible, as delays can be caused by unforeseen factors.

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Why use a cash house buyer rather than being repossessed?

Being repossessed can be extremely detrimental to your long-term financial health. The CCJ (County Court Judgement) against you will be entered onto your credit record at the Register of Judgements, Orders and Fines, where it will stay for six years. This will then make it incredibly difficult for you to get another mortgage, or even to get a credit card or bank account. When you’re facing repossession and you have no other means by which to settle the debt, selling up on your own terms will always be by far your best option. If the offer you receive from a cash house buyer such as We Buy Any Home would cover the amount you owe the bank, it is most certainly a better course of action than letting the repossession take place.

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I’m being repossessed, when should I contact you?

When you receive a CCJ (County Court Judgement) you have 30 days to pay off the balance you owe before your home will be repossessed. If you have received a CCJ and have no other means by which to pay what you owe, you should get in touch with We Buy Any Home right away. Getting in touch with us sooner rather than later will mean that you have more breathing space and don’t have to deal with the stress of stopping the repossession in a very short time frame. Whilst we are able to complete in as little as 7 days, in cases such as these we would always recommend that you come to us as soon as possible.

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Can you stop a CCJ (County Court Judgement)?

Yes, we can. To stop a CCJ you need to pay back the amount you owe within 30 days of receiving it. As We Buy Any Home are able to step in and purchase your property for cash, you can pay back your lender within that timeframe and stop the CCJ from being entered onto your credit record at the Register of Judgements, Orders and Fines.

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If you stop home repossession, can I go on living in the property?

Yes. To help during this difficult time, we are happy to offer a grace period in which you can continue to live in the property rent free for a period of time, once the property has been purchased by us.

On a longer term basis, we typically will look to sell on any property we purchase. However, in some cases we will rent the property out – depending on what the rental market is like in the area. If you would like to remain in the property We Buy Any Home purchase from you as a tenant, make sure to discuss this with your dedicated agent during your initial phone call. They will then assess whether this is possible and if so will work to make it happen for you.

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