If your mortgage lender has exhausted all financial solutions, they may seek to repossess the house. Reputable lenders will have followed a ‘pre-action protocol’ to prevent this from happening. If your case goes to court, both you and your lender have to prove that you followed these conditions.
During the repossession process, the lender has to consider all payment options offered by yourself. Generally, repossessing a property is treated as the very last option. Nevertheless, to make a fair and affordable arrangement, total honesty is critical. Being scared to contact your lender is understandable but not keeping them informed can have serious consequences.
Promising more than is affordable will result in either greater difficulty in purchasing essential items such as food or in meeting the arranged payments, which could negate any agreed arrangement
The result is the same – higher stress levels, which are exacerbated if children are involved.
How we can help
Lestons can mediate with your lender to try and seek a working solution, these may include:
♦ Extending the mortgage term to lower the payments
♦ Accepting reduced repayments for a set period
♦ Agreeing to a payment “holiday”
♦ Moving your mortgage somewhere else
In certain situations a complete refresh of your financial situation will be needed to avoid repossession of the property, we have access to solutions that include liaising with a host of independent mortgage brokers and professional financial advisors who can give you great advice, we do not charge for this service itself but do charge for our time in creating the proposal and briefing documents. To create a case so that we can liaise with you over your needs just click the link at the top of this page, our staff are ready and eager to assist you in any way possible.
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