Mortgage lenders do not want to repossess your home – it really is a last resort
If you have a mortgage, you will be expected to make regular monthly payments to your lender. How much you pay will depend on the type of mortgage you have, the term of the loan and the rate of interest on it.
Options to help you
If there are any changes in your own or your household’s circumstances, it may help if you let your lender know if the change will affect your ability to repay your mortgage.
If your lender knows there is a problem, they can then discuss options to help you. The earlier you make contact, the greater the chance that you will be able to sort something out. Some households may find themselves under certain financial pressure which translates into an inability to make mortgage payments. If this happens to you and you have a mortgage, it’s important to realise that mortgage lenders do not want to repossess your home – it really is a last resort.
Managing paying your mortgage
If you are in arrears with your mortgage or fear that you may have difficulty making repayments in the near future, you can increase your chances of managing the issue by contacting your lender quickly.
The worst thing to do is to ignore the problem. Mortgage lenders recognise that some people may not be able to pay their mortgage for a period of time and that there can be different reasons for this. They will be aware that some borrowers may struggle with their repayments because of changes in their personal circumstances.
Relevant money advice
These can include job loss, relationship breakdown and bereavement, amongst others. Mortgage lenders are committed to helping their customers remain in their home, and they offer solutions that are tailored to the individual circumstances.
Your mortgage lender will also help you to obtain relevant money advice through free debt advisers and work with you (and, if appropriate, the debt adviser) to agree a workable action plan.
Speak to someone
If you are worried about your financial situation and want to speak to someone, the following agencies may also be able to help you:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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