Negative equity is the commonly used term to describe a scenario where a property is worth less than the mortgage secured against it. A buzzword of the financial crash, its affects still lurk beneath the surface of the property market in the UK. Negative equity facts & figures are often allusive & confusing. Rescue My Properties is the UK leader in negative equity issues for over a decade. With unrivaled expertise, we have negotiated countless property owners out of negative equity. As a result, we would like to discuss some negative equity facts in order to share our experience:
1. Some lenders have schemes for negative equity properties. However, they are usually available only to lenders with a good payment records. The loans are typically up to 125% of the current market value of the property. This is not a cheap option as the interest rates are often rather high comparably. You are also obviously putting the property at risk should you be unable to meet the payments.
2. Many lender schemes for negative equity insist upon a guarantor for the new loan. They may want the loan secured not only against you home, but the guarantors as well. Should you miss mortgage payments, both properties are then put at risk.
3. In our experience, some lenders may be willing to accept less than the full amount of the shortfall debt. This is usually achieved by expert negotiations & the right help. Rescue My Properties is on hand to negotiate your negative equity with your lender.
4. An option many negative equity property owners consider is renting out of their property. However, many lenders add a percentage to the mortgage interest rate for allowing you to rent the property. This may also affect your tax position & tax payment rate.
5. Selling your property in negative equity is another option. However, you will need the agreement of the lender. Indeed, the lender can block any sale should they believe the sale price will not cover the outstanding mortgage. Often, the lender requires considerable persuasion. You may have to present considerable financial information as well as proving it is the best possible result for all parties involved.
6. Rescue My Properties has worked in the distressed property market for over a decade. We have assisted countless property owners to reach the best possible negative equity solution. In this time, we have faced any & all scenarios. Rescue My Properties are proud to offer our unmatched expertise to distressed property owners.
If you want to sort the negative equity facts from the fiction, Rescue My Properties is available. As the UK’s leading experts in the issue of negative equity, there is no better help available. So confident are we of our service, we offer complimentary consultation the UK wide.
Call us on 0207 127 6536 or email us at firstname.lastname@example.org