Avoid Repossession: The Rock And The Hard Place..
What follows is an all too familiar story in thousands of homes across the UK where people are looking for ways to avoid repossession.
Mr. and Mrs. Owin finally realized the dream of owning their own home in July 2005. They took on a home loan secured against their house in the amount of £140,000. This is in other words, a mortgage. It was hard, but they could make the monthly debits on this mortgage and they did just that for two whole years.
The Owins’ monthly amount became increasingly unmanageable. Even though the interest rate for the first two years was very low at 4.5%, the Owins did not pay much attention to the small print in the contract. Where it said the interest rate would be altered upwards in July 2007 by nearly 50%. Their new monthly payments would become close to their total income.
So now they are between the proverbial rock and a hard place. They can’t afford the arrears. Repossession is bearing down on them like an express train.
The only way out for Mr. and Mrs. Owin is a quick sale of their dream home. This is where someone pays a lower but fair price for a home in advance of it being repossessed by the lending company. So the Owins, or we should say the bank gets its £140,000 back and the Owins escape from between the rock and the hard place.
With many more people in the rate hike pipeline, facing the upward ratcheting of their home loan payments, the Bank of England has cut the base rate of interest. This was done to stimulate the economy in general and the banking sector in particular. At the same time as doing this it helps people who pay a variable rate of interest on their mortgage, such as the Owins. However for many people, the Owins included, this is a temporary respite because mortgages are lifetime debts.
So the Owins do not want to, but in order to avoid repossession, they will have to consider one of three escape routes.
- They can remortgage in order to find a lower rate of interest and continue to make their repayments. Clearly this will be the most important part of a full ‘belt-tightening’ package for the Owins. Remortgaging is initially expensive because of administration fees but cheaper over the long term as long as interest rates remain low and this will almost certainly not be the case.
- The Owins can call on a company to buy their home for cash. A private sale that can be accomplished in less than two weeks. Each home is different and it is possible to get up to 85% of the current market value of their home. This can go a long way towards repaying the Owins outstanding mortgage if it doesn’t repay it in full.
- The Owins can do a cash sale and rent back deal whereby they sell for cash but continue to live in their home as tenants of the buyer.
The important thing for the Owins to avoid repossession is to act now. They must talk to their lenders, take advice from debt experts and seriously consider a cash house sale.
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