Clear Mortgage Arrears
by Selling Your House to us.
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Dealing with Mortgage Arrears
Dealing with mortgage arrears can be a daunting and stressful experience, but taking prompt and proactive steps can help you manage the situation effectively.
The first crucial step is to communicate with your lender as soon as possible. Inform them about your financial difficulties and explore the available options. Many lenders are willing to work with borrowers to find a solution, such as temporary payment arrangements, loan modifications, or repayment plans. Early communication can prevent the situation from escalating and demonstrate your commitment to resolving the arrears.
Next, review your financial situation to identify areas where you can cut expenses and redirect funds towards your mortgage payments. Creating a detailed budget can help you prioritize essential expenses and find ways to free up cash for your mortgage. Additionally, consider seeking advice from financial counselors or debt advisors who can provide guidance on managing your debts and improving your financial health. They can help you negotiate with your lender and explore other options, such as debt consolidation or refinancing, which may make your mortgage more manageable.
If your financial difficulties are severe and you cannot reach an agreement with your lender, selling your property might be a viable option to avoid repossession and settle your mortgage debt. In such cases, selling to a cash buying company can offer a quick and reliable solution, allowing you to pay off your arrears and potentially retain some equity. This option provides a fast sale without the need for extensive repairs or staging, and it ensures certainty of closing, helping you move forward and rebuild your financial stability. Taking decisive action to address mortgage arrears can mitigate long-term consequences and provide a path to financial recovery.
How can I clear my mortgage arrears?
Clearing mortgage arrears by selling to a cash buying company is a practical solution that can help you quickly resolve your financial difficulties and avoid the risk of repossession.
Evaluate Your Situation: Assess the extent of your mortgage arrears and understand the total amount you owe, including any penalties or fees. This will give you a clear picture of your financial situation and help you determine the urgency of selling your property. Knowing your outstanding balance and the market value of your property can also aid in negotiating the best possible deal with a cash buying company.
Contact a Reputable Cash Buying Company: Research and reach out to reputable cash buying companies that specialize in quick property purchases. These companies typically offer a streamlined process and can provide you with a no-obligation cash offer within days. Ensure the company is credible by checking reviews, testimonials, and any professional accreditations. Once you receive an offer, evaluate it to ensure it meets your needs and covers your mortgage arrears.
Complete the Sale Efficiently: If you decide to accept the cash offer, the cash buying company will handle most of the administrative and legal work, making the process straightforward and stress-free. The sale can usually be completed within a few weeks, allowing you to quickly clear your mortgage arrears. The proceeds from the sale can be used to pay off the outstanding mortgage debt and any associated costs. This swift resolution can provide financial relief and allow you to move forward without the burden of mortgage arrears.
By selling to a cash buying company, you can efficiently address your mortgage arrears, avoid the lengthy traditional selling process, and eliminate the risk of repossession. This approach offers a fast, reliable, and hassle-free way to regain financial stability and focus on rebuilding your financial health.
What are cash buying companies?
Cash house buying companies, also known as real estate investment companies or cash home buyers, are businesses that purchase homes directly from homeowners for cash.
These companies offer a quick and hassle-free way to sell a house, often closing deals in a matter of weeks. We are one of these companies. At SellTo there are no hidden fees or expenses and we guarantee that you will receive the final quoted price for your property in full.
Why use a cash house buyer to clear mortgage arrears?
There is several reasons why you would choose us to help clear your mortgage debts.
Quick Sale Process.
One of the main reasons why sellers choose to work with cash house buyers is because of the quick sale process. When you sell your property for cash, you can typically close the deal within a matter of weeks, rather than waiting months for a traditional sale to go through. Even then, sales have the habit of falling through at the last minute. A Fast Sale an be extremely beneficial if you are in a rush to sell your property which will avoid repossession of your property.
Cash Offer.
We provide cash offers, eliminating the need for mortgage approvals and reducing the risk of the deal falling through.
Avoid property chains.
One of the major advantages of selling your house to a cash house buyer is the ability to avoid property chains. Property chains can be problematic and stressful, as they involve multiple buyers and sellers all relying on each other to complete their transactions. If one link in the chain breaks, it can cause delays or even collapse the entire sale. By working with a cash house buyer, you can eliminate the risks associated with property chains and ensure a smooth and quick sale process.
As-Is Purchases.
They usually buy properties in their current condition, meaning homeowners don’t need to make repairs or improvements. This can be particularly appealing to sellers with homes that require significant repairs.
No need for estate agent fees.
When you sell your house to a cash house buyer, you can avoid the need for estate agency fees. Traditional property sales often involve hiring an estate agent to market your property, conduct viewings, and negotiate with potential buyers. These services typically come with a fee that is usually a percentage of the final sale price.
In Summary:
Speed: The process is much quicker compared to traditional sales.
Certainty: Cash buyers don’t need financing, reducing the chances of the deal falling through.
Convenience: Homeowners don’t need to stage their homes, host open houses, or make repairs.
Flexibility: Companies can work around the seller’s timeline and needs.
If you are in arrears with your mortgage and under the threat of repossession, do not panic. Your lender simply wants you to clear any debt which means you must act straight away. Failure to do so may result in court action as the lender seeks possession. Be Prompt, act quickly and contact us.
How our Cash house buying service works
FAST Cash Sale
Sell in 7-28 Days
BEST Prices Paid
No Estate Agents Fees
ZERO Legal Fees
ZERO Stress
Step 1
Get in Touch
Contact our professional house buying team to discuss your property to receive your offer.
Step 2
Receive your Offer
After an independent valuation, we will make you a free, no-obligation cash offer for your house.
Step 3
Completion Date
If you choose to accept our formal cash offer, you decide the date for sale completion that best suits your needs.
Step 4
Get Paid
On your chosen completion date, the house sale is legally completed and the money is transferred to you.
How much money will I get from a cash buyer?
The amount of money you will get from a cash buyer for your house typically depends on several factors. While cash buyers offer speed and convenience, their offers are often lower than what you might get through a traditional sale. Here are the key factors that influence the amount you will receive:
Market Value of the Home:
The current market value of your home is a significant determinant. Cash buyers often offer a percentage of the market value, generally between 70-90%, depending on various factors.
Condition of the Property:
Homes in need of significant repairs or renovations will generally receive lower offers. Cash buyers account for the cost of repairs when determining their offer.
Location:
Properties in desirable locations may receive higher offers compared to those in less desirable areas.
Market Conditions:
The state of the real estate market (buyer’s market vs. seller’s market) can impact offers. In a seller’s market, you might get a better offer due to higher demand.
Urgency:
If you need to sell quickly, you might accept a lower offer for the convenience and speed of the transaction.
Typical Offer Range
Cash buyers typically offer 85% of the home's market value. Here’s a breakdown of what this might look like:
| Estate agent (6-9 months) | SellTo (7-28 days) | |
|---|---|---|
| Original advertised price | £100,000 | N/A |
| Agreed purchase price | £95,000 | £85,000 |
| Estate agent fees | -£2160 (average) | £0.00 |
| Ongoing mortgage payments | -£3000 (6 months average) | £0.00 |
| Solicitors & legal fees | -£700 (average) | £0.00 |
| Renovation, repairs & maintenance | -£1000 (typical) | £0.00 |
| Council tax | -£800 (average) | £0.00 |
| Net price achieved | £84,340 | £85,000 |
How long does a cash house sale take in the UK?
In the UK, a cash house sale is faster than a traditional property sale due to the absence of mortgage approval processes and potentially fewer complications.
With current time on market, averaging out at 9 weeks across the UK and conveyancing times taking over 21 weeks, the need for a buy my home now service is rising significantly.
As a house buying company, we have our own cash and don’t need to arrange any mortgages in order to purchase your property. This allows us to buy your cash in a matter of weeks.
We buy any house for cash in the UK
In the UK, a cash house sale is faster than a traditional property sale due to the absence of mortgage approval processes and potentially fewer complications.
If you’re looking for a cash house buyers, you might be wondering whether we can buy a house in your area? Then you’ll be happy to know we offer our sell house for cash service across the whole of England, Scotland and Wales.
Interested in moving forward? Then please complete our contact from here and we look forward to assisting you.