Are you have trouble paying your mortgage?

Everyone with a mortgage always sets out with the best intentions of paying their mortgage every month, hoping to maintain a good relationship between themselves and their mortgage lender.

However, if you consider that most mortgage have a typical lifetime of 25 years, there’s a high chance that during this period events outside your control – accident or illness, redundancy or unemployment, pregnancy, interest rate hikes and other debt –might mean you start to miss your monthly mortgage payments.

You’re suddenly facing a mortgage problem.

While you can try and control your debt, if you drop the ball you may incur mortgage arrears, for example, if you choose to pay off other, perhaps more expensive, financial commitments instead of maintaining your mortgage payments.

Most lenders will be as sympathetic as they can be, but the reality is that a single missed payment means you have broken the legal contract with your lender. If the arrears continue to accumulate, the lender no longer gets a return on their investment, nor do they want to incur the business costs involved with having to employ people to chase you for the money that is owed.

That can lead to repossession and the situation may get worse - the lender has to arrange the sale of an empty house, the value of which may have stagnated or even decreased due to it being repossessed.

Any additional costs that the lender incurs will have to be paid for. You, the customer, will be responsible for such costs. Your credit record will suffer drastically as the arrears mount up making future borrowing increasingly difficult if not impossible.

If you’re facing a mortgage problem - act now!

The worst thing is to do nothing - especially if there is a possibility that you may miss more payments in the future.

Once you take control of the situation you’re presented with several options – perhaps contacting your lender to arrange to pay back the arrears, or even engaging a debt management company to handle things for you. However, read this before contacting a debt management company. Bear in mind, a debt management company won’t have the power to get the lender to agree to freeze the interest.

Without the right action it can take years to clear your debt and move off the credit blacklist – and if you are still unable to make any revised payments it can make things even worse.

The Repossession Specialist offers remortgaging packages that can solve your debt problems and let you keep your home.

Call one of our operators now – we’re sympathetic and non-judgemental and can recommend instant solutions to your debt problem.

We will speak to your existing lender, the repossession courts if necessary and most importantly nominate and disclose to the new lender all of your current financial commitments, arranging the optimum remortgage for your circumstances.

We arrange to clear your arrears with your previous lender and if you keep up the new manageable payments over a period of greater than 12 months, your credit score should also improve enabling you to continue to repair your financial status.

We can sort out your mortgage problem.

You need representation by a finance company you can trust - call us on 0800 881 8562. The quicker you call us and deal with the situation, the quicker your life will be back on track.

A default on a credit agreement will harm your credit score and is quite often enough to make a high street lender refuse your application for a mortgage or remortgage.

It is possible that you may have a first and second mortgage.

The first mortgage is the loan you take out to buy your home.

The second mortgage may be known as a 'Secured Loan' which is secured on your home. You should check your documents or get some advice if you are unsure about the content of your agreement.

 

When you have missed mortgage payments or missed secured loan payments, you will receive letters from the lender as you are in breach of the contract. The initial contact will assume there was a genuine reason and will involve merely a reminder and perhaps a new direct debit mandate should your bank details have changed.