There are a number of reasons why your home might be under threat of repossession. Whether you’ve lost your job, you’ve been through a divorce or you’re simply unable to keep up with the mortgage repayments, it’s a very stressful time. You can get help, though, and there are steps that you can take to prevent the repossession of your home.
It is never too late to seek advice.
If you’ve missed payments to your mortgage lender, then make it a priority to speak to them. They will be able to help you avoid losing your home.
Before your lender repossesses your home, they must follow a set procedure called a “pre-action protocol” that gives you the best chance to keep your home.
Your lender has to:
- -Tell you exactly how much you owe and any interest that you have to pay.
- Consider a request from you to change the way that you pay your mortgage. This could include extending the term of your mortgage or accepting reduced repayments. However, these options may not be the best for you.
- Respond to any offer of payment that you make
- If they turn down your offer, they must explain why within 10 working days
- Then they must give you 15 working days’ written warning if they plan to start court action
Your Local Authority
If you are at this stage, and your lender intends on taking you to court, then you should get in contact with your local authority. They will be able to offer you help and advice on repossession.
Depending on your circumstances, some local authorities may buy your property, or part of it, and let it back to you.
Whatever stage of the repossession you’re at, make sure that you get in contact with a debt advice agency, such as Citizens Advice or Shelter. They will be able to provide you with impartial advice that will mean that you make informed decisions about what might be best for you.
An alternative option is to get in contact with house buyer services such as Quickbuyers, who will guarantee that they will buy your home off you in as little as two weeks. You can then pay off your debts and regain control. However, you still have to find somewhere else to live.