Russell Bowyer, Author at Bowfin Property

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

By Russell BowyerPosted in NewsTagged Home repossession processNo Comments

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

By Russell BowyerPosted in NewsTagged What is the reason for a short sale on a house in the UKNo Comments

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.

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

By Russell BowyerPosted in Help to sell my property, Property discussionTagged Do you have to sell your home before buying a new oneNo Comments

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 Difference Between A Mesher And Martin Order?

By Russell BowyerPosted in NewsTagged Alternatives to Mesher Order, What is a Martin Order, What is a Mesher order?, What is the difference between a Mesher and Martin orderNo Comments

What is the difference between a Mesher and Martin order?

The difference is that a Mesher Order involves a divorce with children whereas a Martin Order doesn’t.

These orders are similar, as they are used to postpone the sale of the matrimonial home.

How Can I Legally Get Out Of My Mortgage? (7 Options That work)

By Russell BowyerPosted in Help to sell my property, Stop house repossessionTagged How can I legally get out of my mortgage, How to get out of your mortgage legally2 Comments

How can I legally get out of my mortgage? This article runs through 7 options that work well Depending on your circumstances depends on which option is best.

If the reason you are looking to legally get out of your mortgage is divorce or separation, it’s better if you can agree amicably.

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

By Russell BowyerPosted in NewsTagged How long does a house repossession stay on your credit report UK2 Comments

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.

Author : Russell Bowyer