Month: June 2019

Home Repossession Process In The UK (When Is It Too Late To Stop It?)

Understanding that mortgage lenders only commence court action to repossess your home as a last resort may help your mindset. You are best advised to not ignore your mortgage lender if they’ve contacted you about being behind on your mortgage payments. Ignoring them about your mortgage arrears will only serve to speed the repossession process up. Your mortgage is secured against your home and your lender has the right to repossess it. But if you speak to your lender and explain your predicament, you may be able to stop the repossession and agree revised payment terms.

What Are The Tax Implications Of Buying A House Before Selling?

The tax implications of buying a house before selling include potentially Capital Gains Tax (CGT) when you sell your old house.

This is because it will no longer be fully covered by Private Residence Relief. Income Tax on the rents you receive from your old house if you become a landlord. Plus an extra 3% Stamp Duty on the new house you buy, which is over and above the standard Stamp Duty rates.

Do You Have To Sell Your Home Before Buying A New One?

The answer to ‘do you have to sell your home before buying a new one‘ is no you don’t.

You can become a landlord and rent your old home to tenants. But be care of new legislation designed to cripple landlords. with huge tax bills!

What Is The Reason For A Short Sale On A House In The UK

What is the reason for a short sale on a house in the UK and what are the repercussions of agreeing with your mortgage lender to sell using a short sale?

You should avoid using a short sale where possible, but a short sale will have less impact on your credit report than a repossession.

Can’t Sell House For What I Owe? (7 Solutions To Help You Move Forward)

Can’t sell house for what I owe. You may need to wait for the property market to pick up or take your house off the market to do a cheap makeover.

This article looks at 7 solutions where your home is worth less than what you on a mortgage secured on it.

How Long Does A House Repossession Stay On Your Credit Report UK

A home repossession will remain on your credit report for up to six years. During the period where your credit report is affected by a repossession, you’ll struggle to obtain credit. But if you manage to obtain credit, it would be on unfavorable terms. Which means if you manage to obtain credit, you’ll end up paying a higher interest rate, as you represent a higher risk. Banks and other lending institutions make lending decisions based on how great a risk you represent in terms of defaulting on a loan. The worse your credit report is, the greater the risk of default.

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