Worried about house repossession – well you’re not alone; the UK is in recession and lots of homeowners are finding it difficult to keep up with their mortgage repayments. The rise is house repossessions is largely due to unemployment and the inability to acquire credit.
If you are a home owner, you can be evicted if you fall more than 2 months behind on your mortgage. The best advice if you are struggling with your mortgage is to seek advice as soon as possible, even if you think the problem may only be temporary.
Mortgage arrears don’t automatically lead to repossession but should be taken 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 avoid any chance of facing repossession.
Lots of people bury their heads in the sand. If you receive a call from your mortgage lender, don’t ignore it. If you receive a letter and don’t understand it call your lender and talk it through, see if you can come to an agreement. This could mean lowering your repayments for a short period of time or agreeing a repayment plan.
Many people’s fixed rate mortgages are ending soon if you are in this position compare the new interest rate with others on the market and see if you can switch. If you can’t find a better rate and are unable to make the repayments seek advice straight away you can contact the citizen’s advice bureau or the national debt helpline for help.
Many people are opting for the sell and rent back option if they are facing repossession. It allows you to free up equity and pay off debts whilst staying in your home. Its has also become regulated by the FSA which now makes it a safer option for homeowners.
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