thumb
arrowAny Credit History
arrowMarket Leading Rate 0.55%
arrow1st & 2nd Charge
arrowAuction Finance
arrowResidential
arrowCommercial
arrowRefurbishment
arrowQuick Decision
arrowExpert Advice
arrowNo monthly payments
  • When time is a factor
  • Fast & highly flexible
  • Bridging loans
  • Can be a real lifesaver!

Bridging Finance to Stop Repossession

It is not uncommon for a responsible mortgage payer to occasionally miss a monthly repayment. But at what point does the odd missed payment escalate into arrears, bringing with it the threat of repossession?

More importantly, what can you do to prevent repossession from becoming a reality if you fall behind on your mortgage payments?

By definition, you are in arrears the moment you miss the deadline for a single mortgage payment. This means you have overdue payments on your property and are therefore in arrears.

However, many lenders have their own unique policies with regard to late payments. Some give their customers a week or two following the agreed payment date to make their repayment, during which they will not impose fees or penalties.

For more information on bridging loans to prevent property repossessions or to discuss any of our products in more detail, contact a member of the team at bridgingfinance.com today.

Why use UK Bridging Loans?

Personal service:

Here at bridgingfinance.com, we take customer satisfaction very seriously. That is why we go the extra mile to provide the best service possible to all of our clients.

Expert advice:

Every member of our team is highly trained and experienced in property and specialist lending products, ensuring our clients get the best products at the best rates.

Flexible lending:

We have access to many specialist lending products that can be tailored to each individual’s needs. We can offer flexible, fast, and cost-effective loans for clients with specific requirements. Deal directly with the lender; no middleman!

Proven track record:

Our track record speaks for itself through our thousands of satisfied clients. Our experience and unrivalled customer service mean that we have many returning clients with whom we have built a long-lasting relationship.

unique

Tech savvy:

We use the latest technology to ensure simplicity, speed, and ease for our clients, as well as highly trained staff to ensure everything runs smoothly.

Tailored loans:

We can tailor loans to suit whatever property funding needs our clients may present. With access to a wide range of lenders, we are able to offer specialist loans at competitive rates.

Frequently asked questions

How many payments can you miss before your home is repossessed?

The formal definition of arrears is therefore open to interpretation, but most banks follow similar principles where repossession proceedings are concerned. Typically, an initial warning of intent to repossess will be issued when a customer fails to make three consecutive mortgage payments.

But as most lenders would prefer to avoid repossession becoming necessary, communication with your bank when facing financial difficulties can help bring about an amicable resolution.

What happens when you are in arrears?

Repossession is a long, complicated, and costly process, which all lenders would prefer to avoid. Long before your home is repossessed, you will be sent one or more official warnings of your bank's intent by post. Even at this late stage, it may still be possible to reach an agreement with your lender and prevent the repossession from going ahead. But if you ignore your lender's letters and/or find yourself in a position where you simply cannot pay, your bank will issue a request to the courts for permission to repossess your home. You will then be summoned to a hearing, where you will have the opportunity to plead your case before the courts.

Based on the information provided, the court will then reach one of four decisions:

  • They will rule in favour of the bank and permit them to repossess your home immediately
  • They will rule in favour of the bank and issue a delayed repossession order
  • They will rule in favour of the debtor on a conditional basis
  • They will rule in favour of the debtor, and the case will be thrown out completely

As it is comparatively rare for the courts to rule in favour of the debtor, it is better not to allow things to escalate to such a level in the first place.

Can I use bridging finance to stop repossession?

Affordable bridging finance can be one of the most cost-effective ways to prevent repossession from going ahead. With bridging finance, you gain the freedom to sell your home on your own terms, repay your outstanding mortgage balance, retain any subsequent profits, and protect your credit score. As repossessed homes are typically sold for significantly less than their true market value, it is an eventuality best avoided at all costs.

Why is it important to act early?

Again, the preferable option is to prevent repossession from becoming necessary in the first place. Oftentimes, simply communicating with your lender the moment you encounter financial difficulties can be enough to bring the issue to an amicable resolution. But where all other options have been explored and repossession appears inevitable, an affordable bridging loan could be just the thing.

Contact details

pinBusiness Address: Office block 2, Kibworth Business Park, Kibworth Harcourt, Leicestershire, LE8 0EX

callTelephone:  0116 464 5554

Opening hours

Mon-Thurs: 9am-8.30pm

Fri: 9am-5pm

Sat: 10am-5pm

Sun: 11am-5pm


For job vacancies please email us on jobs@bridgingfinance.com