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How To Sell Property To Clear Mortgage Debts?

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If you’re struggling to make your mortgage payments, you’re not alone. With rising interest rates and increasing monthly payments, owning a home may not be an affordable option.

Financial experts like Martin Lewis predict that interest-only mortgages will be the real issue as the UK continues to experience economic difficulties.

In this situation, selling your property could be the best way to meet your needs. You would be able to use the lump sum to pay off what you owe to your lender, and if you have money left over, you might be able to use it to pay off any additional debts.

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What To Do First?

When you realise that you can’t manage your mortgage repayments, the first step is to contact your lender.

Don’t think that you have no other choice but to leave the property and hand the keys over. Get in touch with your mortgage provider to see if they can reduce your payments.

Some lenders accept benefits and have special programs to help. You could also ask when you are eligible to remortgage.

This could help you keep your mortgage costs under control and reduce your monthly payments.

Remember that lenders may not let you know when you qualify, so you must call and ask when you can remortgage. Not all lenders will be able to help, so you could look at switching lenders to get a better deal.

There are various types of mortgages available, such as interest-free mortgages and cheaper loans. Make sure you shop around to find a lender who will work with you.

If you have talked to multiple providers and brokers, and you can’t find a mortgage with a monthly payment that fits your budget, it might be time to look at other options.

Selling a House on Mortgage

Fortunately, selling your home, even if you have a mortgage, isn’t as hard as you think. Start by finding a reliable estate agent, list your home, and make sure you make enough money to pay off your mortgage and associated costs.

This process is commonly referred to as “selling out“, as you are getting rid of your property to settle your debts.

If you don’t have the luxury of waiting three months for your home to be sold in the UK, there are plenty of cash buyers who can get the job done faster.

Once that’s done, you can look for affordable rental properties on the open market. You could even find rent-to-buy schemes that will give you something in return for your long-term rent payments.

How To Sell Property To Clear Mortgage Debts
You could even find rent-to-buy schemes that will give you something in return for your long-term rent payments.

What If It's a Buy to Rent Home?

If you are unable to keep up with the payments on your buy-to-rent or buy-to-sell mortgage, you still have the option to sell and avoid repossession. You should be able to sell your home swiftly and obtain the funds necessary to pay off your debts.

Any thoughts about selling your home?

Are you looking to sell your house? We buy houses in any condition. Get in touch if you are thinking of selling.

auction hammer

Property Saviour Price Promise

  • The price we’ll offer is the price that you will receive with no hidden deductions.
  • Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
  • These valuations or surveys result in delays and price reductions later on.
  • We are cash buyers.  There are no surveys.
  • We always provide proof of funds with every formal offer issued.

We'll Pay £1,500 Towards Your Legal Fees

  • No long exclusivity agreement to sign because we are the buyers.
  • You are welcome to use your own solicitor. 
  • If you don’t have one, we can ask our solicitors for recommendations.
  • We share our solicitor’s details and issue a Memorandum of Sale. 

Sell With Certainty & Speed

  • Our approach is transparent and ethical, which is why sellers trust us.
  • 100% Discretion guaranteed. 
  • If you have another buyer, you can put us in a contracts race to see who completes first.
  • Complete in 10 days or at a timescale that works for you.  You are in control.

Sell with certainty & speed

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