Avoiding Repossession

The threat of repossession on the horizon can be a terrifying thing, but it can be avoided if you take the right steps. Our short guide will make sure that you don’t have to worry, whatever stage you’re at.
A Change in Circumstance
Whatever it might be whether a divorce, or a new baby, a change in circumstance can have a knock on effect on your finances. If you think that you might find meeting your repayments more difficult, make sure that you tell someone. Talk to someone who can help, such as various charities like Shelter or the Citizens Advice Bureau, who will be able to give you advice on how to tackle your situation.
Falling Behind with Your Payments
If you’ve already begun to fall behind with your repayments, then you’re at risk of losing your home. However, there are many steps that you can take before your mortgage lender will take you to court to take your home away from you.
You should be given chances to solve the problem before you’re taken to court. You should, therefore, try not to bury your head in the sand.
Talk to your lender as soon as possible if you miss a payment. You are likely to be charged for missing a payment, which will simply add to your debt. The solution to getting out of this situation will lie with negotiating with your mortgage lender, and ignoring the problem will make it worse.
Government Scheme
The UK government has a range of schemes that are designed to help those who are struggling or facing repossession.
The Mortgage Rescue Scheme helps families at risk from having their homes repossessed. Some households receive a shared equity loan, and others are offered a scheme whereby their homes are bought off them, and the housing association rents it back to them.
The Court Desk scheme offers free legal advice and representation in court before a hearing. This is not means tested, so is available to all. You should get in contact with this service if it is available, as in up to 85% of cases they can prevent immediate repossession.
Quick House Sales
If you feel you have no alternative, you could also sell your property through a quick house sale company, like House Buyer Bureau. They can buy your home in less than seven days, so if you’re in trouble, this might be a good option if you’re struggling.