That works out at one every 96 minutes. And every day around 30 mortgage possession orders are granted by the courts.
Losing your home is one of the most stressful experiences any of us will ever experience – after all, our homes are our safe haven from the world, the one place we should feel secure.
And all, without exception, were extremely stressed at the thought of losing their home to the banks or building society.
If you’re struggling with mortgage repayments and feel you can’t get back on track or are worried you will lose your home, the temptation may be to ignore the problem.
But if you do that I can guarantee one thing is for certain, you will eventually lose your home. However, if you act quickly there is a very good chance you will be able to work with your lender to get things back on track.
Read my Mortgage Survival Guide to find out how:
Step 1: Contact your lender Most will be keen to help and will talk through your options.
They must make reasonable attempts to reach an agreement with you, including considering whether to change the way you make payments and when you make them.
If you fall into arrears your lender must:
– List all the payments which you have missed
– Tell you the total sum of your arrears
– Tell you the amount of any charges incurred because of payments that have been missed.
– Tell you the exact amount that is outstanding under your mortgage
– Give you reasonable time to make good any shortfall in payments
– Tell you the likely charges in future if the arrears are not cleared
Always remember your lender cannot seek repossession unless all other reasonable attempts to resolve the situation have failed.
They must also give you reasonable notice before taking any action to do so.
Step 2: Check your insurance Mortgage payment protection cover, also called accident, sickness and unemployment insurance, can help with your mortgage repayments if your income has fallen because of redundancy, accident or sickness.
You may have taken it out when you got your mortgage, so look through your mortgage paperwork and double check with your lender or broker.
Step 3: Cut your costs Spend some time considering your spending habits.
To spot where you can save cash, have a look at your outgoings in relation to what you have coming in, then divide spending into essential and non-essential items.