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natalie | I am thinking of selling my flat because I am in debt..? |
I have a secured loan on my property though will this cause me any problems? Also does anyone know of any ways in which I can sell my flat very quickly like within a week?
Thanks
Additional Details
Can i remortgage though? will they let me if im already in deep debt? |
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Lord Beaversnatch IV
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easiest way is just to re-mortgage it, s hit I know, but if you sell it you might be able to pay off your debts but you might struggle to get another mortgage in the future. Just watch out for those sharks with the colossal apr
AFTERNOTE: Oh God yes they wil let you re-mortgage to wrap up all your debts in one go, so long as you have an income. Although there are a hundred companies out there some are snakes and you probably should start at your bank and work from there. Ask what can you lose, I would steer clear of IVA`s and stuff |
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gerrifriend
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Go to your local citizens advice bureux and ask for some debt councilling. Maybe selling your flat is part of the solution to getting you out of debt but remember you still need to live somewhere and it will cost you money to live wherever you do it so get proper advice before making a panic decision. |
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gordon m
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Hi there
My best advice would be to try and refinance your mortgage with the bank or building society. It may be that the interest rate on your secured loan is much higher than the main mortgage - this is often the case.
If you can consolidate your mortgage and sceured loan within one new re-mortgage it will reduce your outgoings. That said you need to be aware of any redemption charges for your existing mortgage or secured loan. These are fees that the bank will charge you for paying them off early.
If refinancing is not an option then I would recommend selling your property quickly to avoid getting into a repossession situation (which will soon happen if you fall behind on payments). And also look for a company that will allow you to rent back you flat after it has been sold - basically you get to stay in your flat but switch from paying a mortgage to paying rent. I have listed a website for this below.
I hope this helps. |
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hedgeybear
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To sell cheap, take a valuation from an Estate Agent, then knock £15-20k off the price. Should go in no time. |
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Iota
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Frankly, you're mad if you think that you will find any equitable situation to selling a piece of real estate in a week. Equitable is the word here, and equitable you will need, because essentially you will need to sell your flat for however much it will take to satisfy the balance of your loan. Generally selling a piece of real estate in a week takes either very low selling prices or a very hungry market. The housing market is all but hungry currently and you cannot afford to sell it at a loss.
I might suggest finding a credit counselor because it sounds as though you need ongoing advice on your financial situation. |
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Bchlvr
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you can re-fianance..... depends on how long you have had the flat and how much equity you have in it. If you want to sell it fast you need to price it WELL below market value, but to low that you will not get anything out of the sell. Depending on where you live and your location in your town. That also depends alot on how fast you can sell. Called suppy and demand! I would refianance but that will take sometimes up to 30 days and you do have to have decent credit to get a low interest rate. GOOD LUCK! |
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Lilu
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if you have a job try virgin one (all in one mortgage) first before you selling your flat as you can pay your debt if the mortgage is less than your property value. If you have to sell, there are company who buying property but they off course buying it at lower price than the normal property agent price. |
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june e
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Re mortgage it: When you go for a remortgage, you are terminating your present mortgage deal and transferring to a new one. This process generally consists of changing your lender though at times, you can change your deal with your present lender. This means you take a new deal from your current lender. |
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My name's MUD
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NATALIE GO INTEREST ONLY, you are in an ideal circumstance to run your flat as a landlord would, if you have somwhere else to live. You are lucky because you are ONTHE PROPERTY LADDER! eg £50,000 mortgage over 30 years, is not a lot each month, and the first 5 years can be interest only!!! Payments=around £200 per month. £100,000 over 30 years £400 per month, rental income (you becoming landlord) £500 per month = +£100 each month and sombody buying your flat for you, so no more mortgage to pay for a while.
WELL the first person you should speak to is your current lender, I don't know your figures, but you may be able to HALF your mortgage if you get a 30 year term and you only have 15 years left to run on it!! This is not a problem for your lender!
Also if you can make the mortgage smaller, and have somewhere else to live eg parents, then move back there, and rent the property out!!!!!!!!!!
you will get £500 a month for it if thew area is ok!!
Which should pay the mortgage and GIVE YOU £200 a month extra!!!
Phone your lender, there are lots of options here for you, go back to a 25 or 30 year term, go interest free, or let one of the rooms out!
There are payment holidays and better deals out there if you loook for them.
If you sell up, you will pay rent to someone rich and successful!!!
Try not to sell unless its a last resort. Plus it will cost you £2000 to sell anyway UK |
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