Tips to avoid repossession
- Make regular contact with the lender. Taking to them about your situation rather than simply missing payments will help and quite often lenders may offer a solution to help you
- your lender may offer one or a few of the following, consider which one best meets your needs:
- take a temporary payment holiday
- add your arrears to your mortgage loan,
- pay off your arrears in installments
- delay paying part of the interest on your mortgage for up to two years through the Homeowners Mortgage Support (HMS) scheme.
- extend your mortgage term, this will reduce your payments but will ultimately mean repaying more
- You may wish to consider renting the property and moving into a smaller/cheaper one until you are able to afford your mortgage again. Most rent agreements last between 6 and 12 months so you have to comfort of knowing you can always move back in
- If your property is larger than you require you could consider renting out a room. This would help with the property bills and a term could be agreed up front
- Sell the property – many of our customers find themselves in a position where the lender is threatening repossession, at that point a sale on the open market is not realistic. We specialise is quick house sales and will therefore complete in time to prevent repossession and give you control of your move date
- Change your type of mortgage – you might be able to switch to an interest-only mortgage. This may reduce your monthly repayments. But it is only worth doing this if you are able to manage these new payments
- Turn up to court – if your case goes to court make sure that you turn up – even if you think that your situation is hopeless, you may still be able to save your home
- Contact us, we are always happy to go through these options face to face and help you avoid the repossession process.