Mortgage arrears
If you are falling behind with your mortgage repayments, you’re not alone. The high cost of housing has forced many people to borrow more than they can afford to purchase a property.
What to do
If you’re having trouble paying, the most important thing to do is contact your lender immediately to let them know.
What they will do
Lenders usually have set procedures for dealing with customers who have difficulties making payments. They aim to help you and may:
- give you a 'payment holiday'
- reduce your payments for a limited time
- reduce your payments permanently by extending your mortgage term
Your mortgage is a priority debt, so you should pay whatever you can while sorting out how you are going to deal with it in the long term.
Worst case scenario
Your lender may have the right to evict you. But the process takes some time so you should be able to come up with a plan to make reasonable repayments before you are evicted from your property.
If the lender intends to do this, you will receive a letter of warning, followed by a County Court claim with a time and date for your hearing.
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