The truth is, that if you're persevering with paying a mortgage that is much more than the value of your house, you are already throwing your money away. If your mortgage repayment is much more than the average rent in your area, how does that make sense? And if you've got an interest only mortgage that you cant repay after the term of the loan, you're never going to break even. In fact, you'll be left in a big hole the same size and shape as the amount you originally borrowed. In other words, back at square one.
Here are some of the reasons we hear every day and none of them are worth the paper they're written on. In fact, they'll cost you a fortune.
It Costs Money
Any service worth its salt costs money. Any service that promises you a result is worth its weight in gold. For a comparatively small fee of £300 (and only when we know enough about your case), we put together a detailed case file that will give you real choices. Choices that we have every confidence will deliver a result. And when we say result, were talking about writing off (on average) 90% of your negative equity. Sometimes we get more written-off. All in our fees total around £4,300 - which can be a small fraction of what you actually owe - and can be paid in instalments.
If you think about how much you owe your lender, we save you money. Tens of thousands of pounds in many cases.
I self-certified on my mortgage
Lots of people did. It was part of the process at that time and actively promoted by brokers. If you feel your income was mis-represented and you have an interest-only mortgage, you may have a strong case for mis-selling. If your income or circumstances have changed (or you're in negative equity) that's every reason to ask us to deal with your lender on your behalf.
I don't want to move
You don't have to sell your house to overcome the issues that come with being in negative equity. Our best advice is often to sell for market value and ask us to get as much of the shortfall as possible written off with the agreement of your lender. But we can also help in quite a number of ways. We understand that families in particular want to stay in the family home. We can advise on alternative solutions that allow you to do that wherever possible.
I don't want my mortgage company to know I'm letting my home out.
We hear from people all the time who have been forced to let their home and so break the terms of their mortgage agreement. Its not the end of the world. If you're a reluctant landlord who's finding that letting your home isn't the stress free solution you'd thought it would be, we can still help. The more important issue for your lender is resolving the debt before it becomes an issue for them.
I tried talking to my lender and they said there's nothing they can do
Most lenders will deal with individual borrowers in this way. Our clients tell us all the time that their lender has fobbed them off. We know how difficult the whole process is so we congratulate them for giving it a go. And then we get down to work, pulling case files, consulting our legal advisers and talking to the people who matter the decision-makers at the bank.
I'd rather keep paying off my house and have something at the end of it
Which, in an ideal world, is what we all want. But you have to ask if you will have something at the end of it. How far away is that? Will your property be worth what you paid for it? If you're on an interest only mortgage, how much will you really end up paying for your house? If interest rates go up, can you afford the repayments? How much more difficult will it be to resolve the situation then rather than now?
Will hanging in there just cost you more money?
Having dealt with hundreds of these kinds of cases, we know that every homeowner is different and every lender is different, so there is no one size fits all approach.
We put in the legwork over many months to create the best possible outcome for you, allowing you to draw a line in the sand and get on with your life.
No excuses. Speak to a property debt expert today!