Debt worries are becoming increasingly common in the current climate, with the high cost of living and lack of jobs growth leaving many people plunging further and further into the red each month. Many of those with the most severe concerns about their debt are having problems with their mortgage. Many homeowners took out interest-only mortgages during more prosperous times, but are now faced with no way to start paying off their loans.
In cases such as this, the only option may be a sale of the property, to release equity and invest in a smaller home. No one should be forced to sell their home, but it’s worth considering as an option before debt becomes so unmanageable that the property is repossessed.
You can try selling your home through the traditional market, but buyers are favoured at the moment. If debt concerns become so pressing that you need a quick sale, think about using a specialist property buyer; you’ll get less than market value but a quick, lump-sum payment could be just the thing to pay-off high-interest debt burdens.
Whatever you’re considering, it is worth seeking independent advice, so start with a visit to your local branch of the Citizens Advice Bureau, so you can begin weighing up your options.
