What is the difference in the repossessions process between buy to let and residential mortgages?

Question

I know that buy-to-let lenders will be more willing to repossess, due to the fact that the borrower does not live in the home - but I need further details!

Answer 1

You should discuss any (fixable) problems you have making payments with the lender ..

If they can see your problems are temporary and you are making efforts to resolve the situation, they may agree to freeze interest or (temporary) reduce payments until eg. you find a new tenant OR sell the house (or some other house) to raise cash & pay off the mortgage

If you keep making at least SOME payment (even if not the full amount) they should again be more willing to compromise .. however as a 'rule of thumb' if they see no way out or think you are not making an effort and/or you have missed 3 months in a row they WILL start proceedings to repossess ..

If they repossess they will load all their costs onto what you owe and then sell the house at auction for a massive discount (after all, how did YOU buy the house in the first place ?) ... you will then be a LOT worse off than if you had sold privatively, since for one thing, you may never get another buy-to-let Mortgage and for another your other lenders might start getting 'twitchy' ...

So very few 'buy-to-let' properties are ever repossessed ... = most owners manage to sell up before it reaches that stage ...

Answer 2

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