Being in bad debt is incredibly stressful, often placing you and your family under immense financial and emotional strain. If you need to urgently pay off credit card debt, payday loans or stop repossession, you could sell your property to release equity and help regain control of your finances.
However, selling your house to pay off debt is not a decision that should be taken lightly. While it may seem like the easiest way to quickly acquire a large sum of money, you need to consider the long term implications of selling your property.
Selling your property to release equity and pay off bad debt will not work for everyone. It will only ever help if your home is worth more than the amount you owe, your mortgage. If the market value of your property falls below the outstanding mortgage amount, you’ll be in negative equity. Find out more about selling your home when you are in negative equity here.
If you decide to sell your home to clear bad debt, there are other considerations to be made. Selling a property is an expensive process, with estate agent commission, solicitor fees, conveyancing costs, repairs and maintenance all eating into the equity you’ll receive once the sale completes. Can you afford to pay these fees, even if the house sale falls through? And will you still make enough profit on your property to pay off your debt? While you may need to release equity quickly to pay off debt, selling a property is a time-consuming process and there’s no guarantee that your home will sell.
We are here to help you sell your house fast. We can offer a guaranteed cash purchase for your property in a timescale that suits you. It could be a couple of weeks, or even just a few days. You no longer have to pay estate agents fees and deal with the potential long delays of a traditional sale process.
We will help guide you through the process of selling your home. From the initial valuation to the final completion date, rest assured you are being guided by trusted property professionals who are here to help you get the most out of your house sale and ensure you have a hassle-free experience.
Like you, every property is unique, so we’ll just need a few details before we can make you an offer.