Everyone’s circumstances are different. We have some great information on our page that could help you decide on the best course of action for you. Three very important steps that are needed are:

• Accepting there is a problem and that you are struggling – this is an important step in finding a solution.
• Calculating your income and expenditure and what is owed and to who.
• Communication – speaking honestly with your lenders is incredibly important. Without this, they cannot help you. We know it can be frightening, but overcome this step and you will start to see light at the end of the tunnel.
• Seek Financial Advice – we do not offer financial advice here. What we can do is offer a way to sell your house, prevent your repossession and help fund alternative accommodation.
• Speaking with someone such as a financial adviser, a mortgage adviser and citizens’ advice, can be key to finding a financial payment plan to suit you.

To sell your house to stopmyrepossession, we do not charge. Everything is included in the price agreed that we buy your house for.
No agent fees, no solicitor fees, no inventory or contract fees. we pay it all.

How much do you value your time? Selling your home is a long-winded and difficult affair, at the best of times. You spend most of the time the house is for sale, tidying up, waiting in, and being confined to your house getting ready for viewings. Imagine wanting (or having) to sell, being offered a price, and then knowing it’s sold, without all the inconvenience of selling through an agent. We can do this for you.

According to ‘which’independent consumer body and ‘Rightmove’, it took 64 days, on average, to secure a buyer in November 2019, although this figure varies depending on where you live:

How to sell your house in 2020 – and why you shouldn’t wait

According to compare site, ‘comparethemarket’, selling your home can cost between 0.75% – 3% of the sale price. For a £300,000 house that can be up to £9,000. £9,000 that you wouldn’t pay if you sold through us!

https://www.comparethemarket.com/mortgages/content/cost-of-selling-a-house/

“Estate agent fees

Typically an estate agent will charge you anything between 0.75% and 3% of your home’s sale price. The rate varies depending on the value of your property. An estate agent could charge you a fixed fee for their services, but this is less common. When selling a home, estate agent fees are often the biggest expense.”

May 2020

Here at Stopmyrepossession, we do things differently. We don’t just have 1 method of selling your home, like an agent. We have numerous and alternative ways to sell your home. When you fill in the contact form, we will perform a desktop valuation. We will then contact you and ask you a few questions and offer you a method of sale that we think is best suited to your situation. You are NO obligation to commit to this offer and can walk away, without penalty!

 If you are also looking for somewhere to rent, then if you look at what we have available and we have something you like, we will look to pay your deposit and in some occasions, pay your rent in advance, so you don’t have to.

Many people come to sell their home when circumstances in their life change. Quite often, changes they cannot control. Some due to financial difficulty or inability to re-mortgage can leave the most vulnerable people on the most expensive mortgage rates and on the brink of financial ruin and repossession because of unaffordability.

Outgoings from your home don’t just start and end with your mortgage. Repair and maintenance costs can quickly spiral out of control, when expensive repairs are required, such as a roof or a boiler.

Changes in the mortgage payment and down valuations

According to the Financial Times, the Bank of England, the government and other financial institutions are forecasting the worst recession in 300 years with an almost 30 percent drop overall in the first half of 2020, the fastest and deepest recession since 1709.

https://www.ft.com/content/734e604b-93d9-43a6-a6ec-19e8b22dad3c

This would cause a drastic reduction in the value of the property that we own. If you are in long fixed-term contracts with your mortgage company and your job is secure, then you may be able to ride the downturn out, until the property market increases again.

For people who are on the standard variable rates with their mortgage provider, this can cause much more of an issue. The economic stimulus the government is providing, during the COVID pandemic, can eventually increase inflation. Doing so could likely cause an increase in the Bank of England interest rates to help stabilize inflation. Should this happen at a time that you are not on a fixed period in your mortgage, this will increase your monthly mortgage payment. Factor in a reduction of house prices, then you could quite easily be stuck on the expensive standard variable rates and unable to remortgage onto a lower, more stable rate because you don’t have enough equity in your home. With this in mind, it’s little surprise that some people struggle to keep up.

With the Covid-19 pandemic, many are being furloughed , but some companies don’t have the cashflow to sustain a lack of trade and are having to lay workers off, or even close their doors entirely. Covid-19 has inadvertently placed many financially secure people, in very financially-difficult times, through illness, loss of jobs and ultimately loss of income, meaning they can no longer afford to live in their home or sustain the regular outgoing payments they have committed to. From credit/store cards,loans, leasing payments and all the way to mortgage payments, all can add to the financial pressure that many feel, during this pandemic. The recession, reported widely by the Bank of England, other financial institutions and the media, will inevitably add to the strain, when the property market crashes and the value of homes, plummet, as they did in 2008.

At Stopmyrepossession, we want to give you options. Things to consider, which may help your position, if you find yourself in financial difficulty. However, you can take some simple steps to avoid repossession.

Firstly, yes, we can buy your house and release you from the burden and financial difficulty, but there are other ways you can prevent repossession if you act soon enough and want to stay in your home or you think the difficulties are short term. We are happy to share these with you if it helps just 1 person. This is not financial advice and we recommend you speak to a professional if you do require professional advice.

“1,330 mortgaged properties were taken into possession in Q3, 19% higher than the same quarter in 2018, according to new UK Finance figures.”Ref:https://www.financialreporter.co.uk/mortgages/repossessions-up-19-in-q3-uk-finance.html

The easiest answer to this is to speak with your lenders. Whether that be credit card, loans, or mortgage lenders, lenders don’t want to see you struggle. Nor do they want the additional time and cost of courts and bailiffs. These costs can also be added to your outstanding amount owing, so neither should you. Many lenders will prefer to agree on a sustainable and realistic repayment plan until you find yourself in a more financially stable position. This can often mean your term is extended, or you pay more overall interest, but that can often be a far better option than losing your home and receiving a CCJ, declaring bankruptcy (to which there is also a cost) or finding yourself blacklisted and unable to apply for any credit whatsoever. Even a mobile phone contract or credit card can be difficult to get accepted when you have a poor credit file, CCJ, or bankruptcy.

Remember – they want to keep on receiving their payments, so approach your lender and work with them to find a solution.

Before contacting the company, you should get the following information ready:

• Total pre-problem income
• Total pre-problem outgoings (incl Petrol, shopping, Car Tax, Insurance, Holidays, eating out, clothes…everything…even how many coffees a month you might buy).
• Reason for change of circumstance
• Total current/new income
• What help you have requested (e.gUniveral Credit, Emergency/Discretionary Finacial Help, Emergency Housing Payments, Mortgage Holidays, Bounce Back Loanetc)
• How long the help you have applied for, will take to implement.
• Look to see if you have any insurance policies through any of your lenders, your union or anywhere else.

Ideas to help prevent the repossession of your home. Please research what other options you may have available to you. These are exactly as described as….ideas. Professional financial advice is always recommended. Please speak with your lender or someone that is regulated to offer financial advice.

• Request a mortgage holiday (this is NOT a free period. The missed mortgage payments must be paid back at a later date).
• Move to an interest-only mortgage.
• Adding Arrears to the current amount owing on your mortgage, if the financial difficulty is temporary.
• Rent a room out to a lodger for tax free income up to £7,500 per year tax-free (tax year April 2019-2020).
• Rent your home out and move to somewhere cheaper (please be aware of your legal obligations before doing so). You may be liable for any shortfall.
• Selling shares or an endowment to help clear arrears.
• Selling your home with us before arrears become unmanageable. We can even look to assist in paying for your deposit on a rented property. On occasions, we may even be able to help pay for some rent for you.
• Check what insurance policies you have with your mortgage, home insurance, and anywhere else you have financial obligations. These policies may include such policies as PPI.

1. Universal credit applications

Many people are embarrassed when applying for universal credit. This is nothing to be embarrassed about, as the benefits system is designed to temporarily help people, in times of need and to assist in helping you back to work and paying tax again, indirectly helping the government through taxation.

If you have worked and paid tax, then you will have previously contributed.During the Covid-19 outbreak, there were 1.4 million Universal Credit Applications in the first 2 weeks of April 2020, so don’t feel alone, as many have been in the same position.

When you make your first universal credit claim, it will take 5 weeks before you get your first payment. If you need money to support you until the time your UC payment is processed, you can apply for a universal credit advance. This will be a temporary loan and you will have to pay this back through deductions from your normal payments, but this can help you during that void.

2. Emergency financial assistance

Contact your council. They may have a local welfare assistance schemes in place such as advance payments for essentials such as food or bills or a discretionary housing payment toward your rent.

3. Council tax

Contact your council. You could qualify for a council tax reduction or a council tax discount.

4. Food Support

Contact your local food bank – e.g on the Trussell Trust website https://www.trusselltrust.org/get-help/find-a-foodbank/

If the NHS has contacted you to say you’re extremely vulnerable (to coronavirus because of a serious health condition), you can register for help with essentials like food or care if you need to.

5. Free school meals

Your child may be able to get free school meals if you get certain benefits. Find out how to apply on GOV.UK. https://www.gov.uk/apply-free-school-meals

Coronavirus update:

Some parents have received an email stating ‘As schools will be closing, if you’re entitled to free school meals, please send your bank details and we’ll make sure you’re supported.’ This is a scam email, so delete it and don’t give any details.

Your child should still be able to get help with food during the outbreak through their school if they qualify for free school meals. Contact your school to see what help you can get.

6. Utility Companies

Your utility (gas and electricity) companies often have solutions to help with financial hardship. Please call them and explain your situation.

https://www.unitedutilities.com/my-account/your-bill/difficulty-paying-your-bill/how-we-can-help/

https://www.citizensadvice.org.uk/consumer/energy/energy-supply/get-help-paying-your-bills/grants-and-benefits-to-help-you-pay-your-energy-bills/

7. Help with bills during the coronavirus outbreak

If you’re struggling to pay your bills because of the coronavirus outbreak, contact your supplier immediately. You could get support such as reduced bills or debt repayments, or more time to pay.

If you have a pre payment meter, they could, for example:

• arrange for someone else to top up your meter
• remotely add credit to your account.
• send you an emergency pre loaded top up card

Financial Help from Employer or Unions you are in

Contact your employer or trade union. Many have what is called a benevolent fund. This can help a financial lifeline for members, former members and their dependants in times of hardship or distress.

Research charities on the internet.

There will be many charities offering a variety of help out there, from financial support, foodbanks and mental health charities, if you find you cannot cope. E.gStepChange and the Debt Advice Foundation.

Prevention Measures

Many of you will have heard of PPI. This is an income insurance policy, in the event you lose your job, or find you are unable to work due to an illness or injury, for any form of repayment products such as a loan or a mortgage. Please consider this when back in a financially stable position.