Problems paying your mortgage
Almost everyone has money troubles at some time in their life. But if these lead to problems keeping up with your mortgage payments, you should get independent financial advice immediately. If you do not pay your mortgage you may be evicted or have your home repossessed. The advice that you get will be totally impartial and non judgemental.
In the current economic climate we have seen a sharp rise in the number of people coming to see us for advice on mortgage arrears and the number of people losing their home because of them is steadily increasing.
Whatever your reasons for your money difficulties, there is support and advice available at Shelter and the citizens advice bureau can help you to work out how to make the most of your money. They may be able to work out your finances so that you can prioritise your mortgage payments. They may also be able to negotiate lower payments or payments by instalments for other debts you may have.
In April 2009 the government launched the homeowners’ mortgage support scheme to help those who are struggling with making mortgage payments due to the current economic downturn.
The DirectGov Mortgage Help page will give you the tools you need to prevent your home from being repossessed.
The government has also launched the mortgage rescue scheme which is aimed at helping prevent the most vulnerable households from losing their homes. The following link can provide you with more information.
If you are having problems with your mortgage payments we strongly suggest you talk to your mortgage provider about the issues in an attempt to resolve them and remain in your home. You can also discuss being allowed time to find alternative accommodation and leave in a planned way, many mortgage lenders would prefer this rather than having to take costly legal action.
The Citizens Advice Bureau offer some top tips if you do fall behind with your Mortgage:
- Let you mortgage lender know if you are having problems - don just stop paying or miss payments
- Make mortgage payments your top priority - you could loose you home if you don't pay
- Get independent advice as soon as you realise there is a problem
- Don't ignore court papers and court hearings - do attend court, but get advice first
- If you are suddenly out of work or unable to pay because of illness or injury, check for any payment protection insurance you may have and get advice on benefits and other help you may be entitled to.
View contact and address details for Trafford CAB Surgeries.
Below are some other useful publications about mortgage arrears and repossession:
