Can I challenge my loan?
Some mortgages are not set up correctly. There may be issues where a lender has not given you the correct information, or your broker has mis-sold a loan or insurance policy to you. Please seek advice from our specialist team on this issue by emailing Loan Check or calling 0800 694 0189.
What is repossession?
Repossession is a legal process that takes place after a lender obtains a court order to take possession of property due to non payment of debts.
What can I do to avoid the threat of repossession?
In a bid to avoid the threat of repossession try and keep 3 months worth of salary in a savings account, make sure you have adequate insurance for critical insurance, loan protection etc. You might also want to have a look at your monthly outgoings for anywhere you might be able to cut down. If you're struggling to make payments contact your lender straight away.
I’ve fallen behind on my mortgage payments - what should I do?
Contact your lender straight away; explain your situation and how you are going to resolve it. Ignoring the situation will only make matters worse. You must take steps to resolving your financial issues, options like re-mortgaging your home and consolidating your debts can be considered, repossession should only be a last resort.
What happens at court?
A Judge will look at the situation and assess whether you have reasonable prospects of paying the mortgage. The Judge will want to see you paying a regular monthly amount off the arrears in addition. You should seek advice urgently if you receive court papers, as it may be possible to save your home. Please email our specialist team Loan Check or call us on 0800 694 0189.
Will repossession affect my credit rating?
Repossession will lead to you having a poor credit rating and could lead to difficulties securing future loans. Your name will be added to the Possessions Register which is held by the two main British credit reference agencies Experian and Equifax.
When is it too late to stop repossession?
There is possibility that repossession can be stopped any time before your home is sold by a lender. If your financial situation improves let your lender know straight away.
