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A quick house sale to pay off debts..is it right for you?

Pay off your mortgage with a quick house sale

A quick house sale to pay off debts? It's drastic, but effective. We're not talking about the kind of house sale available via an agent either. No. Rather,  a guaranteed cash sale. If debt is wearing you down, cutting your loses, by selling up quickly, might really help to turn things around.

People from all walks of life build up more debt than they can manage. Initially it's just a question of juggling. The old, "robbing Peter to pay Paul" thing. Sound familiar?

quick house sale to pay off debts

But before you know it you're in over your head. It's also unfortunate that homeowners with a patchy financial history, also pay the highest rates of interest. Getting a quick house sale to pay off debts can get you off the treadmill. The rest is up to you.

Getting off the debt treadmill - your options

Once you've made the decision to do something you have essentially two options. Raise further funds or cash to clear existing debts, or come to some sort of deal with your lenders.

An arrangement with your lenders can be formal or informal. A number of formal schemes are available including Scotland's Debt Arrangement Scheme. This scheme allows you to set up a Debt Payment Programme. The key thing is to get good independent advice - a number of non commercial no cost organisations are listed in our directory.

quick house sale to pay off debts

If you decide not to go this route then the other options involve raising further funds or cash.

Raising further funds generally means bringing all debts under one larger loan since this invariably works out cheaper. But consolidating your debts to reduce your payments can give you a false sense of security. Research points to the idea that most people taking out such loans don't get the fresh start they'd hoped - but end up further in debt. But it does work for some people.

quick house sale to pay off debts

Using a quick house sale to pay off debts

The final option, involves raising enough cash, rather than loans, to pay off the debt. For the majority of homeowners their house is the only asset they own which will release enough cash on sale, to pay everything off.

Using a quick house sale to pay off debts may be the most attractive option if you're facing sizable debts and have equity in your house. Or perhaps you're prone to "creeping" debt? If you don't trust yourself to kick the debt habit getting a quick house sale to pay off debts might be your best chance of taking the pressure off once and for all.

quick house sale to pay off debts

A quick house sale - end house and money worries

Who hasn't dreamt of a fresh start? You just need to be careful how you get there.

You can of course try selling your house on the open market but this could take many months. And there are no certainties. Also, if you're at all in a hurry you must also price your house to sell.

quick house sale to pay off debts

We'd only recommend this route under two circumstances. If demand for your kind of property in your location is currently high and you know this for a fact. Or your equity position barely covers what you owe. In this case every penny really does count. A balance needs to be struck between setting the price of your house to sell quickly on the open market and the likely time it will take to sell.

quick house sale to pay off debts

Remember all the while your house sits in the estate agent's window unsold you'll be racking up mortgage payments and servicing your debts.

A quick house sale to pay off debts - pros and cons

When it comes to selling property there is an important trade off between the price of the property and the speed and certainty of the sale.

If you (really) need a quick house sale to pay off debts then you're best bet is a professional service, designed to deliver just that. A quick house sale. But the service must be paid for. Luckily it's a non cash cost, paid for out of the equity from your sale. It won't add to your debt problem.

quick house sale to pay off debts

Think about this way. An estate agent does not guarantee to sell your house or find you a suitable buyer by a certain date. Selling on the open market is hardly ever the best way to get a quick house sale to pay off debts. But we know some people are inclined to try it first, but come unstuck when there house sticks on the market or their sale falls through.

And, depending on your circumstances you'll walk away with cash in the bank too.

quick house sale to pay off debts

A quick house sale managed and delivered by a professional property company has other things going for it too.

When you buy your next house you'll be chain-free, and able to negotiate a discount on your next home.  Whether you're moving on to buy another property or rent, we can give you time to house hunt.  We also pay all your costs including any fees due to estate agents.

You can start the process off informally by giving us a call on 0800 043 0669 or complete the online form so we can contact you to have an initial chat about how you can use a quick house to pay off debts.

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