There are several reasons that you could be committed to making multiple mortgage payments, but the most common situations are these:

• Unable to sell or rent out your existing property whilst buying another
• Investment in a number of buy-to-let properties

Both of these circumstances can result in financial difficulty if you can't meet the payments on one or more of your mortgages.

Unable to sell or rent out your existing property whilst buying another

If you have committed to buying a new house, but haven't yet sold your own, you could be stuck with paying two mortgages for a while. Even if the mortgage on your old property is fairly small, you can't afford to miss a payment, and the longer it takes to sell your property, the more money you have to find to cover your costs.

It's the same if you're trying to rent your property. The rental income will probably cover your mortgage, but if you can't rent out your home, you'll still have to find the money to repay your loan. Having your house empty can happen at any time; when you're just starting out in the rental market, or after two or three years of good rental income. No matter when it happens, you have to be able to meet multiple mortgage payments.

Investment in a number of buy-to-let properties

Although the buy-to-let market has slowed down recently, many people are still choosing to invest their money in property rather than in any other area. A property portfolio may sound like a good way of making money, but you will need a mortgage for each home you buy, and you will have to be able to meet the mortgage payments whether or not you have managed to find tenants for your properties. If you can't get enough tenants into your property, or you can't charge the rent you need to cover the mortgage, you could end up in significant financial trouble.

The easiest way to relieve your financial difficulties is to sell one of your properties. Although you might not want to take such drastic action, it will enable you to regain control of your finances, and you can invest the cash you raise from your sale so that you can buy another property later on, if that's what you want to do.

If you need help to sort out your mortgage problems, 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.