If you’re facing repossession or eviction, there are housing alternatives for you!

The threat of eviction or repossession due to mortgage arrears can be a harsh reality, as the experience of the aftermath sets in. However, there are both short term and long term solutions that can be found with a little help.

If you’ve been evicted and are facing homelessness, you can apply for emergency housing through your local council. Under the Homelessness Reduction Act, councils have a duty to provide assistance to those who are legally considered homeless. This can include temporary accommodation such as hostels or bed and breakfasts while you seek more permanent solutions.

Temporarily staying with family or friends can also be a short-term option. This can provide a much-needed safety net as you plan your next steps without the immediate pressure of securing a new permanent home, as can short-term rental agreements or sublets. Websites like Airbnb, SpareRoom, or Gumtree often list short-term housing options suitable for various budgets.

In the long term, applying for social housing can be a practical solution. Social housing is typically more affordable than private renting and offers greater security. However, the demand for social housing is high and waiting lists can be lengthy, so it is advisable to apply as soon as possible.

Shared ownership schemes allow you to buy a portion of a home (usually between 25% and 75%) and pay rent on the remaining share. Over time, you can buy more shares in the property until you own it outright. This can be an excellent way for those who have faced financial difficulties to step back onto the property ladder at a more manageable pace.

Engaging with financial advisors or charities like Citizens Advice can provide guidance on managing debt, improving credit scores and planning for future home ownership. Understanding your financial situation thoroughly can help in making informed decisions about long-term housing.

After repossession, rebuilding your credit score is vital. A good start is ensuring all your debts are managed correctly, use credit-building tools such as secured credit cards and keep up with all existing credit obligations.

Eviction or repossession, both require careful planning and access to resources. By exploring these housing alternatives and support systems, you can find ways to regain stability and work towards securing a more permanent home. This not only provides immediate relief but also lays the groundwork for future financial and housing security. In short, it’s not the end of the road!

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