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10 ways to avoid repossession

If you are struggling to meet your mortgage payments, we give you 10 tips to stop your home getting repossessed.

1. Do not miss a mortgage payment

Your home could be repossessed if you miss a mortgage payment and it will be recorded on your credit file. This could make it difficult to get a loan or another mortgage in the future.

2. Rent out a room

Taking in a lodger would give you extra cash which would contribute towards your mortgage costs. You can earn up to 4,250 a year tax-free by renting out a room in your own property.

3. Cut back

Stop splashing out on luxuries and try to get the best value for your household services such as gas, electricity, water, phone and internet.

4. Talk to your lender

If you fall into financial trouble, your mortgage provider who may be able to help you. So it's worth calling them to find out what payment options you might have.

5. Change your mortgage to interest only

Doing this will reduce your mortgage payments which can help in the short term. However it is worth returning to a repayment deal so your loan can eventually be paid off.

6. Extend your mortgage

You increase your mortgage for a longer period of time which reduces the monthly payments but your total interest to pay will increase.

7. Get another product

Speak to your lender and find out if you can switch to a different product which may work out cheaper.

8. Find a new lender

Another option could be to have a look at what deals other mortgage companies are offering. This could save you money.

9. Help from the government

People on low incomes can be eligible for help with housing costs and council tax payments and maybe child benefit.

10. Sell your house

You may want to sell your home quickly to pay off your mortgage and avoid repossession. Swift Cash Sale is a company that can buy your house in a very short timescale so your debts can be paid leaving you with cash in the bank. You could downsize to a smaller property or rent for a while before getting back on the housing ladder.

If you would like a free, no obligation chat with a member of our team, then call free 24 hours a day in confidence on 0800 954 5258. We are just a phone call away and would love to talk with you about your home and how we can help.

Email or fill out your details here.

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