Repossessed Homes UK
With the credit crunch having a huge bearing on the UK economy, many homeowners are finding the days when they had disposable income becoming few and far between. Due to changes in financial circumstances, mortgage payments often become harder to maintain and as a result many repossession properties are becoming available for purchase at low prices.
In the UK, many homes are repossessed every day. Due to the fact that many homeowners are defaulting mortgage repayments, many court repossessions are taking place. The repossession properties become bank or government property as a result and then are resold in order to recoup losses. Mortgage companies and banks want to recover funds as quickly as they can and so often sell way below market price at local or national property auctions. The lender will then try and recover any further losses from the the original owner of the repossessed house. They are entitled to do this as the homeowner was unable to fulfill the initial agreement they made with the mortgage lender.
This website contains full information regarding repossessed homes including help and advice on what you can do if your home is being repossessed. Having their property repossessed can often have a huge impact on a person’s life and it is often difficult to find helpful sources of infomation or know who to turn to for help.
Our links section provides you with other sites offering further help and advice on property repossession and what can be done if you are facing this.
If you are interested in buying repossession properties, we also provide a buy repossessed homes section, this will point you in the right direction for sourcing cheap repossessed homes. Alternatively, clicking on the links on the right will point out where to buy a repossessed house, flat, or commercial property in your local area.