Did you buy your house around 2007? Lots of people are finding themselves in a situation where the value of their property is less than the price they paid for it. This is particularly the case if you bought a new build. For example, you bought your house at £205,000 and took out a mortgage of £190,000 but now it is being valued at £180,000. The problem with this arises when you try to sell the property.
In order to sell your property in the traditional way, you have estate agent fees, solicitor fees, maintenance while selling, monthly home loan payments etc. Some people even have early repayment charges. This all means that after the sale of your property, you will still owe the bank more money than you can get for the sale of your property. This situation is known as ‘negative equity’. In the example above, this means you will owe the bank around £15,000 (this includes estate agent fees and legal fees as well as any other charges – £5000) because a buyer will only buy at £180,000 so you then are left with a debt of £10,000 and all the charges and fees.
One way out of this mess would be to rent your property out but then there is the concern about interest rates rising which could leave you subsidizing the living expenses of someone else as you have to top up the rent payments to make them cover the home loan payments. On top of this you become responsible for
- high service charges (if you have a flat or a leasehold)
- periods when you have no tenants
- maintenance costs
- insurance payments
- letting agent costs
- dealing with non-paying tenants
- other property related expenses
You may then find yourself in a situation where the rental payments are not sufficient to cover all the costs.
How can we help in Negative Equity Situations?
There is a way out of negative equity that can protect you against all the concerns listed above.
AnyHouseBought can buy your property at the mortgage value, even if this is above the actual value of your house in today’s market. Call us today instead of remaining stuck. It is as easy as making your property our legal responsibility, handing the door keys over and moving on. You are able to walk away debt free.
You benefit from:
- No estate agent or commission fees
- Repossessions stopped instantly by transferring mortgage responsibility to us
- Being able to sell a previously difficult to sell property
- Not spending any more money on your property
So simply do a legal transfer of responsibility of the property over to us, and we’ll make your payments for you until we are able to sell the property down the track, and it is at this point we get paid for doing what we do.
How Do I qualify?
Unfortunately this solution does not work for everyone. As much as we would like to help everyone, we have strict criteria to determine if each property is eligible. This criteria is calculated based on:
a) The mortgage amount
b) The market value
c) The remaining term of the mortgage
d) Your interest rate
To see if you qualify for our negative equity house sale without any money coming out of your pocket then please fill in the form on the right now and we will be in contact for a chat within 24hours. Act now and your house could be sold within days.