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 try and write a letter or send an email to your lender as soon as possible.
Your letter or email 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.
Breathing Space scheme
If you are in mortgage arrears you may eligible for the Breathing Space scheme. This gives you time to get some specialist debt advice without the pressure of formal action being taken against you.
To find out more about the scheme and how to apply, click here.
A specialist debt adviser may be able to help you consider your options and come up with a proposal to give to your lender.
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.