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How to avoid repossession

If you are facing repossession after falling into arrears, then you might not be forced to lose your home. Here are some tips on avoiding reposession or eviction.

Get in touch with your lender

Speak to your mortgage provider if your financial circumstances have changed such as losing your job. They may suggest a payment holiday for two to three months while you make other financial arrangements. Another idea could be to switch to an interest only mortgage to lower your payments or maybe spread your arrears over the term of the loan.

Do a budget

Debt charities Consumer Credit Counselling Service (CCCS) or the National Debtline can help with a budget plan when sorting out the terms of your mortgage. An agreement between a lender and borrower may still be unaffordable so a debt advisor can help.

Apply for a Government help scheme

The Government offers Homeowner Mortgage Support Scheme which allows homeowners who have lost their jobs or suffered a drop in income can defer the interest payments on their mortgage for a period of up to two years.

Prioritise your debts

As keeping your home is your main priority, mortgage payments should be made before unsecured loans such as credit cards or personal loans. It is worth writing to your loan or credit card company to explain your financial circumstances. They may allow you to temporarily suspend payments. Gym memberships, cable TV or other "luxury" expenses should be cancelled.

Get fast cash for your home

Cash property buyers such as can stop repossession or eviction by buying your home in around 28 days. This means you can pay off any arrears and the remainder of your mortgage. Any profit will allow you to move to a new property or perhaps rent the property back. can stop repossession even if there is little or no equity in the property. There are no estate agent hassles, no survey fees, they pay 500 towards your solicitor fees and no need for a HIP pack. Give them a call on 0800 954 5258 any time of day for a free confidential chat.

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