Repossession can be a very scary thing, and difficult to think about. It can be very easy to ignore the money worries that lead to repossession in the hope they will magically go away. However, it is far better to face up to the problem and there is lots of professional advice and guidance out there if you ask for it. Don’t ignore the problem or be tempted to try to pay your mortgage using other credit, such as a credit card.
If you think you’re struggling to keep up repayments, act early. Speak to your lender sooner rather than later. They should have procedures in place to help if you are having payment difficulties.
It may be possible to restructure your debt, by switching to interest-only, increasing the term of the loan, or remortgaging to a lower interest rate. There is normally a fee involved but it should be possible to add this on to your mortgage.
If you are already falling behind, keep in regular communication. Work out your budget and offer to pay what you can. This shows the lender you are addressing the problem.
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