House Repossession

Are you worried that your house will be repossessed?

If you are a home owner, you can only be evicted if your lender or freeholder can prove a legal reason and the correct procedure is followed. Repossession does not happen automatically there may be a possibility the process can be stopped at any stage.

You are not alone; many homeowners have difficulty paying their mortgages. There are many reasons to why people fall into difficulty often the reasons include losing a job, splitting from a partner or unexpected expenses.

If you are struggling with your mortgage, you must act fast, even if you envisage the problem to be only temporary. Mortgage arrears don't automatically lead to repossession but must be taken very seriously. If you are worried that you will find it difficult to pay your mortgage when your fixed-rate mortgage deal ends, act now to prevent any chance you could face repossession.

It is very important when you receive a letter or phone call from your mortgage lender, that you do not ignore it. If you don’t understand the letter you should contact your lender and they will be happy to talk through it with you. If your fixed rate mortgage is ending soon, you’ll get a letter from your mortgage lender warning you when the interest rate and monthly payment will change, and how much your new repayment will be. Don’t panic if you can’t meet this new figure, there are options.

If you are unable to meet your mortgage payments due to mounting debts and you are paying the person who shouts the loudest then debtsolve can give you advice on how to deal with your debts so you can continue to meet your mortgage payments.

How can I prevent my home from being repossessed?

To prevent losing your home, you must keep payments going. If you are having problems, work out a new monthly budget and make cut backs where possible. Our disposable income calculator will help you work out your monthly disposable income to help you budget. If your lender knows you are trying your best to pay, they should give you more time to sort out your money problems.

Your mortgage debt is a priority, so make sure you pay this before all other debts. Don’t panic and take out another loan to help catch up with your mortgage payments. Get advice instead.