Are you struggling to pay your mortgage and facing potential house repossession right now?
Firstly don’t panic – these 10 simple points below are the most important to consider. If in doubt then please contact us.
- 1: Talk to eveyone concerned – your bank, mortgage lender, your family. Get advice from trusted sources such as us. The Citizen’s advice bureau, Shelter etc. Get sensible advice and help right from the start – this will help you later on and will save you precious time now.
- 2: Check to see if you are covered by your mortgage protection plan.
- 3: Ask the bank or your mortgage lender/provider to see if they are willing to extend the term of your mortgage over a longer period of time. This will bring down the monthly cost and may make it more affordable to re-pay going forward. Swap from a capital re-payment to an interest only mortgage – or see if you can re-mortgage to a better rate to save you money on the monthly repayment amounts.
- 4: Most importantly – do not ignore the letters and calls from your lender – this will only make matters worse for your later on. Let your bank or mortgage lender know that you are facing financial problems and talk to them about your current situation. They will be willing to help you find a solution.
- 5: Always try and pay what you can afford to pay – this is better than paying nothing at all, and it shows that you are trying and willing to pay your mortgage.
- 6: Don’t panic about the threat of court proceedings. Always attend any court hearings yourself – repossession is always the last option, and the court will be on your side to save your home from repossession where possible.
- 7: Court proceedings do not mean that you will necessarily lose your home as there are other options available.
- 8: Do not leave or abandon your property – or think that handing in your keys to the bank or lender will solve the problem. If you house is repossessed then you will be liable and chased for the shortfall and outstanding debt after the house has been sold at auction. You could end up in a worse situation and could end up owing more money and debt than at the start of the process.
- 9: If you can sell your house quickly enough to pay off your mortgage and any mortgage arrears then this is a sensible option. It solves the problem, and you saves your credit file from damage and default.
- 10; Speak to us to see if we can help or read the advice pages on this website. We help home owners facing house repossession by buying their home in a fast cash only sale.
Best Wishes, John