If you are facing mortgage arrears you need to know what you can expect your lender to do.
In recent years, 2 months arrears has been enough to generate strong letters demanding payment, and after 3 months
the lender will instruct its solicitors to start repossession proceedings.
However, recently your mortgage lender may also be facing financial problems and be unable to
borrow more money on the interbank lending market. This means that some lenders are even keener than ever to repossess your home
and get their money back by selling it at auction.
It's important to talk to your lender and try to arrange re-payment of your mortgage arrears.
Mortgage Arrears Facts
Your lender will consider you to be in arrears after 1 month
Many lenders will charge you for every letter they send you to tell you you are in arrears
If you are holding back your mortgage payments because other creditors are chasing you - Don't!
You should always pay your mortgage payments before all other debts
You need to take action now to avoid repossession and further bad credit rating
What Are My Options?
Remember, you must always pay any secured loans or mortgages before paying credit cards or other unsecured loans. If you owe money to
a credit card company or catalogue, the worst they can do is take you to court to make you pay. If you owe your mortgage lender
or other secured creditor, the worst they can (and will) do is take your home!
You Can Stop Repossession Now
By any of the lenders listed below - Act now - Contact Us
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