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The Property Podcast

ASK199: Are repossessed properties mortgageable? PLUS: Are you sure there won't be a post-Brexit crash?

The Property Podcast

Rob Bence & Rob Dix

News, Investing, Education, Business, Business News

4.82K Ratings

🗓️ 13 August 2019

⏱️ 8 minutes

🧾️ Download transcript

Summary

This week on Ask Rob & Rob, we have the B word again - and the R word. So if you’d like to know more about Brexit or repossessions, this is the podcast episode for you!  First up we have Christiano. He’s wanting to know if he was to go ahead with a repossessed property, will it be mortgageable once he’s bought it? He’s also wondering if Rob & Rob have any advice on what tactics he should use when looking to get the best deal on a repossessed property.  It’s good news for Christiano! Listen as The Robs explain why mortgages shouldn’t be an issue with repossessed property as financial issues sit with the previous owner - not the property.  However, if he’s looking at bagging a cracking deal, it might not be all plain sailing. The vendor has a duty (to the lender) to achieve the maximum price they possibly can - so does that mean that getting a great deal is dead in the water?  Find out what Rob D has to say.  Our second question comes in from Baz who’s still concerned about Brexit and is contradicting The Robs’ views. Baz is seeing quite a steep rise in house prices in Birmingham (which doesn’t seem consistent with the growth he’s been witnessing over the past four years). He’s putting it down to the fact that there’s not a lot of choice on the market and he’s being significantly outbid by owner occupiers on properties he’s been looking at.  So now he’s being cautious about buying any property within the next six months. Ultimately, he’s wanting to know how confident Rob & Rob are that there won’t be a market crash the minute we get a deal with the EU.  It’s a great question, and probably one which many other listeners will want to know the answer to. Tune in to find out what The Robs have to say.  Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).  Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob, and I'm Rob, and this is Ask Rub and Rob.

0:05.8

Hello everyone and welcome to the Ask Rob and Rob show, the show where you get your questions

0:12.2

in and we get our answers out.

0:14.5

This week the format remains the same.

0:16.5

And you know what else remains the same?

0:18.0

The method of you getting in touch.

0:19.8

Oh yes, you should know it by now.

0:21.2

Just call 013, 808,00035. That's 013. Oh yes you should know it by now just call Oh 1.3808

0:23.4

00035 that's 1.380800035 or you can go to

0:28.1

property hub dot net slash ask whichever way you do it get your question in so you can follow in the fine

0:33.8

footsteps of Cristiano. Hi Robin Rob it's Christina here from Kinchey Central

0:39.7

in London. My question is about repossession properties. In a deal with

0:45.3

repossession is to go ahead, are they mortgageable as in like when you purchase

0:51.8

the repossession can remor mortgage the property.

0:55.2

And the second question is what would be the tactics or the best advice or things

1:01.0

to look at when you entering a deal which is a repossession deal so it'll be

1:06.0

great to know this answers and by the way thanks for the great show you've guys

1:10.0

been putting up thumbs up for you.

1:12.0

Christina good news.

1:13.5

Yes, you can get a mortgage on a repossessed property easily.

1:17.5

Normally the reason for the repossession will be because the previous owner hadn't kept up with their

1:22.1

payments. There's nothing actually wrong with the property itself.

...

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