Most lenders will only repossess your home as a last resort. They usually prefer to sort out your payment problems in other ways. The sooner you contact your lender about any problems the better your chances of keeping your home.
If you have missed a payment on your mortgage, or think you are about to do so, try and write a letter or send an email to your lender as soon as possible.
Your letter should:
- explain why you’re in arrears
- say that you’re making every effort to clear the arrears
- say that you’ll write to them again soon with a proposal for dealing with the arrears.
This will give you time to speak to an adviser and get help.
Contact an adviser as soon as you can. They may be able to help you consider your options and come up with a proposal to give to your lender.
Your options will probably depend on:
- what type of mortgage you have
- how far behind you are with payments
- the reasons for missing payments (such as losing a job or illness)
- if your financial problems are likely to be temporary or more long-term.
Try to make payments towards your mortgage in the meantime. It’s better to pay something rather than nothing, even if you can’t pay the full instalment.
For lots more information, see our page on how to deal with mortgage arrears.