Repossessions will normally occur when a borrower has failed to make agreed payments to the owner of the first charge on the property. Usually the lender, a bank or building society will obtain a court order to get possession of the property from the borrower. This process can be lengthy and incur many different costs along the way and is definitely not a lender preferred route to recoup their funds. Latter stages of repossession proceedings mean that borrowers have less time to come up with a solution to repay the arrears or in some situations sell the property. Repossession orders can be put on hold if the borrower makes or agrees to make payments this would allow the borrower to stay in control of what the potential end result would be and gives crucial additional time to achieve the best outcome available for the situation. Whether it is to explore options to restructure the finance secured against the property for longer term or simply to give much needed time to be able to sell the property without the pressure of having to drop the price massively to secure a quick sale, bridging finance can help providing there is sufficient equity.
Bridging loans can be used to pay mortgage arrears providing there is enough equity within the property and the exit route is viable and accepted by the lender. If this is the case then it is possible to use a bridging loan to repay the arrears.
It is very important that we take into consideration how difficult it can be to refinance for a borrower that has credit problems and that sale of the property would possibly be the only reasonable accepted exit by the majority of lenders. Usually refinancing of a mortgage that has had arrears and led to repossession order means that bridging finance may be the only option other than selling the property for a potentially below market value price to halt imminent repossession. Should an applicant wish to seek bridging finance as a solution to be able to market the property in the traditional way to obtain the best possible price, it should be noted that almost all bridging finance lenders will want the property to be listed on the market immediately.
A repossession simply leaves its mark on borrowers and will stay on a credit file for a while if not indefinitely. In turn this could make it very difficult if not impossible to borrow property finance in the future.
Finance Jeanie have you covered. Our team can offer you funding no matter where you live in the United Kingdom. Contact us via phone or email to discuss your funding or loan requirements.
Finance Jeanie provide funding options to clients all over the UK including all the following counties. We cover all the major towns and cities. If you do not see your location in the following list please don’t hesitate to ask.
Bath Bristol Clevedon Fulton Keysham Weston Super Mare
Bedford Biggleswade Dunstable Flitwich Leighton Buzzard Luton
Ascot Bracknell Hungerford Maidenhead Newbury Reading Sandhurst Slough Thatcham Windsor Wokingham
Amersham Aylesbury Beaconsfield Buckingham Chersham Denham Gerrards Cross High Wycombe Marlow Slough Stoke Mandeville Taplow
Cambridge Chatteris Ely Girton Godmanchester Huntington Newmarket Ramsey Soham Whittlesey Wisbech
Chester Crewe Nantwich Northwich Macclesfield Runcorn Tarporley Warrington Widnes
Bodmin Falmouth Newquay Padstow Penzance Redruth Truro
Barrow In Furness Carlisle Kendal Penrith Whitehaven Wilton Workington
Alfreton Ashbourne Belper Bolsover Buxton Chesterfield Codnor Crich Cromford Derby Duffield Glossop Heanor IIkeston Long Eaton Littleover Matlock Melbourne Ripley Sponson
Barnstaple Exeter Honiton Plymouth Paignton Torquay
Blandford Bournemouth Christchurch Poole Weymouth Dorchester Wareham Wimborne Shaftesbury
Durham Bishop Auckland Chester-Le-Street Durham Seaham Sedgefield Spenny Moor Stanhope
Basildon Billericay Braintree Brentwood Canvey Island Chelmsford Clacton-On-Sea Colchester Epping Hadleigh Harlow Rayleigh Tilbury
Cheltenham Cinderford Cirencester Clearwell Gloucester Kingswood Slimbridge Stroud Tewkesbury
Bolton Bury Manchester Oldham Rochdale Stockport Wigan
Basingstoke Andover Aldershot Farnborough Petersfield Tadley Portsmouth Fareham Gosport Havant Hayling Island Waterlooville Southampton Hedge End Romsey Totton Winchester Alton Eastleigh Stockbridge
Hereford Kington Ledbury Leominster Ross-on-Wye
Bushey Chorley Wood Elstree Hatfield Hemel Hempstead Hertford Hitchin Letchworth Potters Bar Sawbridge St.Albans Stevenage Tring Watford Welwyn Garden City
Cowes Newport Ryde Sandown Shanklin Venture
Ashford Canterbury Chatham Dartford Dover Faversham Hythe Maidstone Margate Ramsgate Rochester Royal Tunbridge Wells Sevenoaks
Accrington Blackburn Blackpool Burnley Chorley Clitheroe Lancaster Liverpool Manchester Morecombe Preston Skelmesdale
Ashley-De-La-Zouch Coalville Earl Shilton Leicester Loughborough Market Harborough Melton Mowbray Syston
Gainsborough Grantham Grimsby Lincoln Boston Bourne Brigg Spalding
Birkenhead Liverpool St.Helens Southport
Acton Brentford Camden Town Chiswick Edgware Enfield Fulham Hackney Hampstead Harrow Hounslow
Alysham Diss Fakenham Great Yarmouth King’s Lynn Loddon Norwich Sheringham Thetford Watton
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Bingham Hucknall Mansfield Nottingham Newark-On-Trent Ollerton Retford
Abingdon Banbury Bicester Bloxham Chinnor Cholsey Didcot Henley-On-Thames Kidlington Wantage Woodstock
Bridgenorth Ludlow Madeley Newport Shrewsbury Telford Wellington Wem
Bath Bridgewater Burnham On Sea Crew Kerne Taunton Wells Weston-Super-Mare Yeovil
Burton-On-Trent Cannock Keele Leek Lichfield Newcastle-Under-Lyme Stafford Tamworth Uttoxeter Wolverhampton
Brandon Bury St.Edmunds Felixstowe Ipswich Lowestoft Stowmarket Sunbury
Camberley Chertsey Cobham Dorking Epsom Esher Farnham Godaming Guildford Haslemere Leatherhead Redhill Reigate Staines Sunburn-On-Thames Walton-On-Thames Weybridge Woking
Sussex Bexhill on Sea Brighton and Hove Crawley Eastbourne Hastings Horsham Worthing
Hartlepool Middlesbrough Redcar Stockton-On-Tees
Gateshead Jarrow Newcastle Under Tyne South Shields Sunderland Whickham
Coleshill Coventry Leamington Spa Nuneaton Rugby Stratford Upon Avon Studley Warwick
Arundel Billingshurst Bognor Regis Bosham Chichester East Grinstead Fishbourne Lancing Littlehampton Midhurst Petworth Selsey
Amesbury Chippenham Malborough Salisbury Swindon Tidworth Warminster Wilton
Beverley Bridlington Driffield Goole Hornsea Hedon Pocklington
Harrogate Northallerton Malton Pickering Ripon Richmond Scarbourough Selby Skipton Stokesley Tadcaster Thirsk Whitby
Barnsley Dinnington Doncaster Maltby Mexborough Penistown Rotherham Sheffield Swindon
Batley Bingley Bradford Castleford Dewsbury Halifax Helden Bridge Huddlesfield Keightley Leeds Morley Otley Wakefield Wetherby
Abergavenny Caldecott Chepstow Monmouth USK
Aberdare Barry Bridgend Caerphilly Merthyr Tydfil Neath Ponty Pridd Porch Cawl Port Talbot Swansea
Barry Cardiff Cathays Ely Penarth
Abertillery Beaufort Blaine Brynmawr Ebbe Vale Newport Tredegar
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