Low interest rates together with lenders willing to lend high multiples of salary have led to many people taking on mortgages they are struggling to repay. If you thought you'd take advantage of the property boom by buying more than one property, you may now be wondering how to regain control of your finances.

Playing it safe

It only takes a rise in interest rates, or a problem with your income for your investment plan to come tumbling down around your ears. If you're paying off multiple mortgages, or have taken out a second mortgage in order to pay off other debts, you could be putting your property at risk. Whether you're living in the property or renting it out to others, the last thing you need is for your lenders to begin repossession proceedings. Play it safe by finding a way to clear your most troublesome debts.

How a cash house sale can help

You need to raise enough cash to clear your mortgage debt. In most cases, the only way to do this is to sell a property. If you have invested in the buy-to-let market and have several properties, you need to select the one that will give you the best return when sold, or the one which will raise just enough money to clear the debt you want to be rid of. Selling through an online property auction site can help you sell your property to other buy-to-let investors who may be keen to take on your property. This means you can avoid further interest payments on your mortgage and clear it as soon as the sale completes.

I have tenants in my property

Don't worry about your tenants – you won't have to end their contract early or pay any compensation if you sell to a buyer who is looking for rental property. The tenancy will just pass from you to the new owner and your tenants can remain in the property until their agreement expires. The most important thing is that you sell a property as soon as you can so that you can take control of your finances again and concentrate on paying off the rest of your debts so that you can enjoy any profits you generate.

If you need help to get a faster sale for your property so you can clear your mortgage, contact us at Discount Property Auction. We're committed to helping you, whatever your circumstances. If you want to sell your home, you can use our dedicated online auction facility, which allows you to upload your property yourself and put it in front of genuine, interested buyers. Call us now on 0800 1313 999 or email admin@discountpropertyauction.co.uk to arrange a valuation today.