Buying your first house is one of the biggest milestones in life, but for most people it’s only the first step onto the property ladder.
As peoples’ lives develop they tend to move on from their starter home to bigger properties that give them more space to grow their family, with bedrooms for children, a garden and more space to tailor the house to meet their needs in a way that most smaller terraced houses or apartments don’t allow.
Sometimes, however, negative equity can leave people trapped in their first home without enough space to accommodate their growing family.
Why is negative equity a problem?
Negative equity refers to a situation where a property is worth less than the remaining value of the mortgage owed on it. This is a problem for homeowners because the sale of the house is not going to generate enough money to pay off the remainder of the loan, so they’ll have to cover this cost themselves.
This is a particular problem if you are selling your home with the intention of buying another, as paying the remaining mortgage costs left after your first home has been sold will likely make it unaffordable for you to pay another deposit.
How can we help?
At Negative Equity UK, we offer a number of possible solutions to resolve your property debt problems, depending on your circumstances, but for many of our clients a sale and settlement is the only solution to their problem.
We have successfully negotiated hundreds of cases every year where we have arranged the sale of our clients’ homes and reached an affordable debt settlement with the lender. In August alone we were able to write off a total of £1,358,569 in unaffordable mortgage debt.
One of our recent clients, Kerry, had this to say after we settled her case; “The service provided by Negative Equity UK was excellent. Despite all of my concerns and fears about the process Natasha and Lesley really went out of their way to provide excellent guidance and advice.
“They took their time explaining in detail the process, no question was left unanswered. I would highly recommend them to others. My negative equity of £97,000 was reduced to £14,000 final payment. I can't thank them enough.”
Whatever your circumstances, the first step to dealing with your property debt is to contact Negative Equity UK for an initial free, no obligation consultation with one of our advisors.