Top Tips for Avoiding House Repossession

Tackle your debt problems head on and stay in your home

According to the Council of Mortgage Lenders figures in 2007, the number of repossessions in the UK rose to its highest level since 1999 and reached a staggering 27,100. Unfortunately for many homeowners the threat of repossession has become a reality, don’t let it happen to you.

You can prevent your home from being repossessed and ensure you don’t become another statistic:

1. Don’t be afraid to ask for help
If you’re struggling to meet your mortgage payments then your best bet is to be up front about it with your lender as soon as you get into difficulties. Admitting you’re suffering from financial problems is not an easy thing to do but if you are honest from the outset it’s likely that your mortgage company will be able to help even if it’s only for a short period to give you time to organise your finances.

2. Stay focused and prioritise
If your debts are mounting up and you’re being chased by various companies for missed credit card payments and loans then often it’s easy to lose track of what’s most important. If you find yourself in this situation then prioritise paying your mortgage and keeping a roof over your head, no matter how hard the other companies chase you. Clearly, these payments will have to be made at some stage but you may be able to negotiate some form of repayment plan with these creditors to allow you to have enough funds to pay your mortgage each month.

3. Speak to an expert to find out your options
If your unsecured borrowing such as credit cards and loans have become too much then talking to one of our advisors could help you find a solution which can lower your monthly payments and possibly even write off a part of your overall debt. This can help you free up more of your income to meet your monthly mortgage repayments.

4. Don’t panic!
If your mortgage is in arrears then believe it or not, mortgage lenders DO NOT want to repossess your home! It’s a lot of hassle and expense for them dealing with solicitors and paying court fees. It’s vitally important that you open any correspondence from your lender and keep a level head. They may threaten the possibility of repossession but it’s just that, a possibility. If they send you a letter asking you to call them then call them as soon as you can to discuss a plan for catching up on your arrears. Ignoring them will only make the possibility of repossession a step closer to reality.

If you’re worried about your home being repossessed and want to find out more about the options Debt1 can provide, then call us now on 0800 043 4747 before it’s too late.