How to Buy a House
Repossessed Properties
Repossessed properties are becoming an increasingly popular way for first time buyers to grab a bargain.
While any increase in repossessions could have a damaging effect on the property market as a whole, it does offer aspiring first time buyers a unique opportunity to find themselves some affordable housing.
However, it can be hard to find repossessions because mortgage buyers have stopped revealing if the properties that they are selling have been repossessed. This is because they want to present a friendly, family-oriented image (home-makers, not home-takers).
That being said, see the ad below for a service providing just the information you need to find great repossession deals.
The second best way to find out what repossessed properties may be available is to ask at your local mortgage lenders. Although the information may not always be readily advertised, lenders still need to make money out of the property and an enquiry is often welcome.
Bear these caveats in mind:
A repossessed home may not be in tip-top condition if the ill-fated owner was so short of cash that the property was neglected.
Some repossessions are poorly situated. Most people in financial trouble first try to sell their property themselves before the bank or building society forecloses on them, so ask yourself why the home ended up being repossessed - you might find a railway line running directly behind the house!
Find out more in our guide to how to buy a house:
How Much Can I Borrow? l Find a Property l Mortgages l Conveyancing Solicitors and Legal costs l Stamp Duty l Property Insurance l Home Information Packs l How to Budget l Surveys and Surveyors l Solicitors l Removal Companies l Utilities Companies l Buying a House at Auction
Most useful and most popular pages on this site:
Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership