Worried about mortgage arrears or repossession? You have more options than you might think.
Financial pressure on your home is frightening, and it’s easy to feel you’ve run out of choices. You probably haven’t. Here’s an honest guide to your options — including when selling isn’t the answer — and how a quick, certain sale can help if it is.
Before anything else: free, independent debt advice
If you’re behind on your mortgage, speak to a free, regulated debt adviser as early as possible. They can talk to your lender for you, and help you understand every option, not just selling. Free, confidential services include MoneyHelper (the government-backed service), StepChange, National Debtline and Citizens Advice. We’re not financial advisers, and we’d always rather you had that advice first.
Your options, honestly
Talk to your lender
Lenders are expected to treat borrowers in difficulty fairly, and to consider alternatives before seeking repossession, such as a payment plan, a temporary reduction or a change to the mortgage term. It’s always worth asking, and a debt adviser can help.
Sell on the open market
If you have time and the property is in good order, an agency sale will usually achieve the highest price. Tell your lender you’re selling — it can buy you time.
Sell directly to us
If time is short, a sale is more likely to reach completion without a chain or a mortgage buyer. You set the price and timing, rather than a lender selling after repossession. We’ll tell you honestly if our offer wouldn’t clear what you owe.
Voluntary repossession
Handing back the keys doesn’t end your debt. Any shortfall after the lender sells, plus its costs, can still be pursued. It’s rarely the best option; take advice before considering it.
What we can do
- Move quickly. From offer accepted to completion is typically 14–28 days, and faster is sometimes possible where the paperwork allows.
- Put it in writing, so you can show your lender or the court an agreed sale in progress.
- Buy as-is, with no repairs to fund at a time when money is tight.
- Talk to your lender, with your permission, about timing.
- Tell you if we can’t help, and point you towards free advice instead.
Our promise on this page
People in financial difficulty are exactly who unscrupulous buyers target. We won’t pressure you, set false deadlines, charge you anything upfront, or suggest a sale that leaves you owing money when a better option exists. If you feel pressured by anyone — including us — stop and speak to a free debt adviser.
Common questions
Is it too late if I’ve received court papers?
Not necessarily. Don’t ignore them — respond and attend any hearing. Courts often give homeowners time if there’s a realistic plan, and an agreed sale can be part of that plan. Get free debt advice straight away, and tell your lender and the court about any sale in progress.
Will selling to you clear my mortgage?
It depends on how much you owe compared with what we can offer. We’ll be completely honest about that at the start. If a sale to us wouldn’t clear the mortgage and arrears, we’ll tell you, and we won’t push you into a sale that leaves you worse off.
Can you stop a repossession?
We can’t promise that, and anyone who does should worry you. What an agreed, evidenced sale can sometimes do is give your lender a reason to hold off while the sale completes. That decision rests with the lender and, if proceedings have started, the court.
Would I get more if the lender sold it?
Usually not. Repossessed properties are often sold as quickly as possible, and the lender’s costs are added to what you owe. Selling voluntarily keeps you in control of the price, timing and costs.
Is there any cost to talking to you?
No. The conversation, valuation and offer are free, and there’s no obligation.
Talk it through with someone, today.
The sooner you understand your options, the more of them you have. Call us, or get a free valuation online. It’s confidential and there’s no obligation.
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