Posted by repossession on February 12, 2010 under Mortgage Arrears, Repossession | 
UK repossessions hit a 14 year high in 2009, according to figures released by the Council of Mortgage Lenders (CML). Worryingly46,000 people had their home repossessed by their mortgage lender during the year, which sees repossession at the highest level since 1995, and a 15% increase from the repossession figures from 2008.
Despite these shocking statistics, there is actually some good repossession news to report! This figure is only a shadow of the CML’s original forecast of the 75,000 people who would lose their homes due to repossession during the year. Although the CML later revised this number to 48,000 when the predicted number of repossessions were growing at a smaller rate.
The final three months of 2009 saw a big slowdown on the number of repossessed homes at 10,200 properties which is 13% lower than previous months.
The report also published statistics on those who were in mortgage arrears, with 188,300 homeowners struggling with mortgage arrears of at least 2.5% of their outstanding mortgage debt. Although this seems like a large number, it is actually 3% lower than during the third quarter of 2009 and lower than the CML prediction of 195,000.
The CML believe that contributing to these lower than forecast repossession figures are a mix of low interest rates, increased deals between home owners and their mortgage company with regards to mortgage repayments and the introduction of Government repossession help schemes designed to help those who are struggling to make their mortgage payments and could face repossession.
The predictions for 2010 is that 53,000 homes will be repossessed this year, with a further 205,000 ending 2010 with mortgage arrears. About this prediction, CML director general Michael Coogan said: “We are not out of the woods yet as 2010 will still be a challenging year, and some households will inevitably find their finances being squeezed when interest rates eventually rise.”
Posted by repossession on September 28, 2009 under Mortgage Arrears, Mortgage Repayments |
Have you missed mortgage payments? Worried about what the consequences may be? The fact that you are reading this means that you know you need to take some action which is the first port of call when getting mortgage help.
Understand your finances: Understanding your personal finances is one of the key elements in getting a grip on how affordable your mortgage payment is and how you can tackle paying back your mortgage arrears.
Prepare a budget which details all of your income, including any benefits, and all of your outgoings. Your mortgage lender may wish to see proof about how you are struggling with your mortgage payments as well as how you can afford to pay them in the future.
There is repossession help: Whether you have missed one payment to your mortgage or missed a couple of consecutive payments, there is repossession help available. You need to take the first step in getting this repossession help and the sooner that happens the better.
As soon as you realise that you need some form of repossession help you should talk to your mortgage lender. You will need to explain why you have missed mortgage payments and how you plan to repay the mortgage arrears. Your mortgage lender should be more than willing to help you, even if you have already missed a mortgage payment. They key point is to make sure that you speak to your lender sooner rather than later.
You may find that you are eligible for government repossession help with one of their schemes, such as Support for Mortgage Interest or Homeowners Mortgage Support. Your mortgage lender or independent advisor should be able to offer you further repossession help and advice about these.
The UK Repossession Helpline is also here to help. We have a team of repossession advisors who could help get your repossession STOPPED. You don’t have to worry about selling your home either, as we will try to find a way for you to avoid repossession without the need to sell your home.
Even if you are just days away from having your home repossessed, call now as we may be able to help.
Posted by repossession on September 23, 2009 under Repossession Help |
It can be an extremely fearful time when the mortgage lender threatens to repossess your home. One of the worst things to happen could be when you are told that the roof over your head is going to be claimed from you and there is nothing you can do about it.
If you are in this situation, you need to take action fast, and the UK Repossession Helpline could offer sensible alternatives to house repossession. Most home owners are unaware that there are steps which can be taken to avoid house repossession. These alternatives to house repossession are out there, and it essential that you get help as soon as possible.
Some alternatives to house repossession can include:
- Talk to your mortgage lender. Speaking to your mortgage lender about your problem is probably the most crucial first step that any homeowner needs to take. Try and be as open and as honest as you can with your mortgage lender, it is important that they understand why you have missed mortgage payments in the past or why you may miss any future mortgage payments. Your mortgage lender should be understanding about your situation and be willing to help you. Believe it or not, mortgage lenders see repossession as a last resort too as it can be an extremely costly procedure.
Your mortgage lender may be able to offer you a grace period where you can have a payment break from making your mortgage payments. This could be one of the alternatives to house repossession which you need to bear in mind; during the payment break you should be able to get your finances in a better working order, such as by getting a job if you are unemployed or selling an asset in order to raise funds for your mortgage payment.
- Get expert repossession help. If your are having no luck with speaking to your mortgage lender or if you are too far down the repossession process to speak with them, getting professional repossession help could be suitable for you. The UK Repossession Helpline may be able to offer you alternatives to house repossession, without the need to sell your home.
Even if you are just days away from having your house repossessed, we could offer you a solution which provides you with an alternative to house repossession. The sooner you take action, the longer we have and the more options are available to help you.
If your unsecured debts are too high then a debt management plan may be a perfect solution to help you get your unsecured debt repayments back in order. Making lower payments to your unsecured debts mean that you should have spare cash to meet your mortgage payment. The UK Repossession Helpline can help you with this too, our financial management plans will be tailored to your personal financial circumstances which should mean that your mortgage payments become affordable to you.
You may have heard of sell and rent back schemes, but you should always be very careful of the terms of the agreement as many are unregulated. Consider all of the alternatives to house repossession first, and don’t be afraid to ask for expert repossession help.
As you can see there solutions which could allow you to avoid repossession. Providing that you take action immediately, then there is a chance that your repossession can be stopped. There are a number of alternatives to house repossession and it is highly recommended that you start searching for a service that can stop your house repossession before its too late.
Posted by repossession on September 21, 2009 under Government Repossession Help, Mortgage Help |
If you are struggling to pay your mortgage and feel as though you are being swamped with mortgage debt and arrears, there is no need to panic. If household costs are becoming an issue because your financial circumstances have recently changed, perhaps you have lost your job or have had to take a cut in hours, there are some simple steps that you can take to hopefully help you avoid repossession and keep your home.
Don’t Ignore your problem: This is not the time to bury your head in the sand and hope that all of your problems will disappear, they won’t. Losing your home is probably the last thing that you want to happen, and acting and quickly as possibly really can help you avoid repossession.
It is important that you understand why you are in this position. Sit down and work out your finances; you need to know exactly what your income is (e.g. wage, benefits) and what your outgoings are (e.g. mortgage payment, unsecured debt repayments). From here you need to prepare yourself a budget so you know exactly what to spend, this way you should be able to avoid running out of money and failing to make your mortgage payments.
Don’t be afraid of speaking to your mortgage lender – it really can help!: Understandably you may not want to speak to your mortgage lender and it can be easier to avoid their phone calls and letters altogether, but this will not help you to avoid repossession.
Keep an open dialogue between you and your mortgage lender. It is never too early or too late to speak to them about your financial difficulties and how your personal circumstances have changed. Pre-action protocol means that your lender should always treat repossession proceedings as a last resort, but you need to be honest with them. They should be willing to help you if you find that you are struggling to make payment.
Government repossession help: You may be eligible for government repossession help such as Support for Mortgage Interest or Homeowners Mortgage Support. Speak to your mortgage lender about these schemes or seek independent advice.
UK Repossession Helpline: The UK Repossession Helpline can help you to avoid repossession. No matter at what stage of the repossession process you are at, we could help you to avoid repossession without the need to sell your home. Please contact us now for further advice is you are struggling to pay your mortgage or have been threatened with repossession.
Posted by repossession on September 18, 2009 under Repossession Help |
Repossession is becoming more of a worry for many house holds. Those who are suffering from redundancy, a drop in working hours or struggle to cope with cost of living, may fear that the threat of repossession is just around the corner. If you become faced with it, who could help you with repossession?
There are a number of different avenues which you may want to explore for repossession help:
Mortgage Lender – Don’t be afraid about talking to your mortgage lender. If they are going ahead with the repossession process or you fare unable to make your future mortgage payments, it is essential that you speak to them as soon as possible. Your lender could agree to you making reduced monthly mortgage payments or even offer you a mortgage payment holiday. The only way to find out is to speak to your mortgage lender and be open and honest about your situation.
Pre-Action Protocol – More information about the Protocol is available on The Council of Mortgage Lenders website. The aim is to promote dialogue between you and your mortgage lender and that court proceedings should be avoided where possible.
Homeowners Mortgage Support (HMS) – This scheme was introduced by the Government and aims to help those who suffer from a temporary loss of income. Through this scheme you could be able to make reduced mortgage payments for two years without losing your home to repossession.
UK Repossession Helpline – No matter at what stage of the repossession process you are at, the UK Repossession Helpline could help you. We could help you to avoid repossession without the need to sell your home.
Posted by repossession on September 14, 2009 under Government Repossession Help, Repossession Help |
Struggling homeowners are being urged to stop ignoring repossession problems and to tackle the problems which are leading them to seek repossession help.
The national government campaign has been welcomed by the Council of Mortgage Lenders (CML). The aim to provide information and repossession help to those who find that they are falling behind in their mortgage payments. It seeks to outline the following main points:
* Don’t ignore the problem. You need to tackle any repossession worries head on.
* Get repossession help by talking to your mortgage lender as soon as your mortgage payments are becoming a problem.
* It’s never too early to contact your lender to talk about your worries, even if you have not missed a payment but fear that you could miss one in the future, your mortgage lender could help.
Michael Coogan, director general of the CML, said: “We welcome this additional initiative by the government to remind borrowers to speak to their lender at the earliest possible opportunity, and preferably as soon as they think they might miss a payment.”
Posted by repossession on September 9, 2009 under Mortgage Help |
Are you struggling with your mortgage debt? If you are worried that you may begin to fall behind on your mortgage debt repayment or you have missed a payment to your mortgage, the first thing that you need to do is speak to your mortgage lender.
Explain your current situation to them, and try to contact them before it is too late. Say whether you believe your problem will be long term and how your circumstances have changed. There could be a possibility of reducing your monthly payments.
You could also benefit from the Government led mortgage support scheme. This was introduced as a way to help homeowners who are struggling to make their mortgage repayments due to a temporary loss of income. You may be able to delay the interest on your mortgage debt for up to two years, so check to see whether your mortgage lender is participating in this scheme.
If you are being threatened with repossession or are , then the next stage could be to get professional mortgage help. We could be able to stop your repossession without the need for you to sell your home. For professional repossession advice, please contact us now…
Fill in the Quick Enquiry Form to the right for an instant callback about your repossession.
Posted by repossession on September 3, 2009 under Debt Management |
2009 has seen a start increase in the number of repossessions, as more homeowners are struggling to juggle their mortgage payments with other forms of unsecured debt.
Many people may struggle to meet payments to their mortgage and unsecured debt simply because they do not have enough income to meet their outgoings. Unsecured debts can include store cards, credit cards, personal loans, catalogues debt and overdrafts.
Because unsecured debt repayments are high and missing these payments mean that you are struck with additional charges, many people find that they cannot afford their mortgage payment because their unsecured debt is taking up too much of the income. However, there are debt solutions on the market which could help you.
A Debt Management Plan is designed to make your unsecured debt more affordable to you. The UK Repossession Helpline can work with your unsecured creditors to lower your monthly debt repayments, and freeze interest or charges if possible. A debt management plan will be tailored to your circumstances so you should be able to meet your mortgage and unsecured debt payments much more easily.
Of course, making a lower payment to your unsecured debt will mean it will take you longer to pay off the total amount of your debt and your credit rating may be affected. Even so, any negative downsides to a debt management plan are generally less serious than the losing your home to repossession.
For further information about debt management plans or if you are being threatened with repossession and want to know your options. Call now…
Posted by repossession on July 25, 2009 under Repossession Help |
Repossession is becoming a fear for many UK homeowners, so it makes sense that you arm yourself with the latest repossession information. Getting repossession help has never been easier; no matter at what stage of the repossession process you are at, the UK Repossession Helpline is here to help YOU.
The Financial Services Authority (FSA) have admitted that not all mortgage lenders have a fair repossession system in place for those who are struggle with mortgage arrears. The FSA say that there will be ‘meaningful consequences’ if their unfair repossession processes are remained unchanged.
We could get your repossession stopped without the need for you to sell your home. Please call now for free advice on 0800 048 1779.
Getting Repossession Help:
Benefits Check: If you are on a low income then it is advisable you check to see if you can maximise your income through getting all the benefits that you are entitled to.
Insurance Policy: If the cause of mortgage arrears are because you can no longer work due to accident, sickness or unemployment, check to see if you have an insurance policy that will help you with your mortgage payments.
Contact Your Mortgage Lender: If you think you may start falling behind with your mortgage payment, the first thing that you should do is contact your mortgage lender. Even if you have already fallen into mortgage arrears, it is essential that you contact your mortgage lender and explain the situation to them.
Debt Management Help: One of the reasons you may be worried about repossession is because you feel as though your unsecured debt repayments are getting out of control. If this is the case, a Debt Management Plan could help you reduce the monthly amount that you need to pay to your unsecured creditors. The amount that you have to pay will be calculated on your personal financial status. Therefore your mortgage payments will be treated as a priority debt and your debt management plan will be calculated to ensure you can make this payment.
Getting repossession help does not have to be an impossible task, we can help!
0800 048 1779.
Posted by repossession on July 22, 2009 under Mortgage Help, Repossession Help |
The number of people worried about mortgage repossession is on the rise, and the Council of Mortgage Lenders (CML) have predicted that 0.66% (75,000 homes) of all homes could be repossessed in 2009.
However, if you are worried about mortgage repossession, the good news is that there is mortgage repossession help available:
Mortgage Pre-Action Protocol – This is designed to ensure that your mortgage lender goes through the necessary steps of repossession and ensure you are aware of any any mortgage arrears and what can happen next. The Protocol is available on the CML website and it is essential that you are aware of this information.
Homeowners Mortgage Support (HMS) - This is designed to help homeowners who “suffer a temporary income shock”. If you are eligible, you could be allowed to make reduced mortgage payments for up to two years, without the risk of losing your home.
If you are worried about mortgage repossession, it is important that you contact your mortgage lender as soon as possible and explain any changes to your financial situation and how you plan to repay the mortgage arrears and keep up with your mortgage payment. Keeping an open communication with them is essential.
Mortgage Repossession Help
The UK Repossession Helpline is here to help you. No matter at what stage of mortgage repossession you are at, we could still help you keep your home without the need to sell.
Our dedicated mortgage repossession team are here to help. Please get in touch for further mortgage repossession help.
Posted by repossession on July 14, 2009 under Repossession |
UK repossessions have risen by 50% in the last year alone. As according to the Council of Mortgage Lenders (CML), there were 12,800 house repossessions in the first three months of 2009.
This was a 23% rise from the 10,4000 homes which were repossessed in the last three months of 2008 and a 50% increase in the number of house repossessions in comparison to the same time last year.
The CML predict that 2009 will see 75,000 homes repossessed, almost double the 40,000 of 2008.
Further research by the CML shows that so far this year:
- The number of home loans with arrears of more than 2.5% of the mortgage balance rose by 12% to 205,300.
- An increase in the number of buy-to-let investors who have had properties repossessed.
Posted by repossession on June 29, 2009 under Repossession |
There has been an increase in the number of tenant repossessions because landlords have failed to keep up-to-date with mortgage payments, even though their tenants are making rent payments on time.
A number of housing charities are joining forces to highlight the plight of renters who are being made homeless because of their landlords failure to pay the mortgage, and say that tentants are the “forgotten victims of the repossession crisis”. The charities estimate that more than 8,000 tenants could lose their home through repossession in this way, they are calling for the Government to change to current law to offer greater protection to protect tenants who may lose their home due to their landlord facing repossession.
Crisis report that 60% of its repossession advisers have spoken to tenants who have lost their home in this manner. In some cases, tenants would come home to find the locks changed and their belongings out in the street.
Leslie Morphy, chief executive of Crisis, said: “Tenants need legal protection to ensure that they at least have reasonable time to find somewhere else to live. The alternative too often can be homelessness.”
Tenant Repossession Help
- Find out as much you can about your prospective landlord and their mortgage status.
- Open mail addressed ‘To the Occupier’ as it could be notice of a repossession hearing.
- Ensure that the landlord has permission from their mortgage lender to rent the property out.
For further information about how you can get tenant repossession help, contact us directly on 0800 048 1779.
Posted by repossession on June 11, 2009 under Government Repossession Help |
You could be able to get help with mortgage interest if you are claiming benefits, which is referred to as Support for Mortgage Interest (SMI) or Income Support Mortgage Interest (ISMI) payments. If you are on income support, income based jobseeker’s allowance, income related employment and support allowance or pension credit, then you may be able to benefit from this scheme.
You may be able to claim help with interest payments on mortgages up to the value of £200,000. This figure doubled from the previous amount of £100,000 on 5th January 2009 as part of continuing Government plans to help those who are struggling with mortgage payments.
It is important to note that if you got your mortgage after you started claiming benefits then you may not be eligible for help from this scheme.
How Do I Claim for this Mortgage Interest Help?
When applying for any of the above benefits, you will have to include information about your mortgage in order to get these extra payments. Your mortgage lender will also have to complete some of the forms which confirm details of your mortgage.
If you already receive the benefits but are not getting any additional payments towards your mortgage interest, then contact the Jobcentre Plus office or the Pension Service.
When Will I Receive my First Payment?
The rules on the waiting time are complicated, but the ‘Qualifying Period’ was temporarily reduced from 39 weeks on 5th January 2009. This means that, if you are receiving income support, income-based jobseeker’s allowance, or income-related employment and support allowance, you are entitled to support for your mortgage interest payments after 13 weeks.
If you are over 60 and claiming pension credit then you will be entitled to help immediately.
The payment is usually made directly to your mortgage lender at the end of every four weeks. The amount that you get will be dependant on the standard rate set by the Department for Work and Pensions at the time, which is currently fixed at 6.08% until June 2009.
Posted by repossession on June 5, 2009 under Negative Equity |
Negative equity means that the current value of your home is less than the mortgage owed on it. It is only a problem for homeowners who have a mortgage, so those who are renting a property or those who own their home outright do not need to be concerned about negative equity.
If you saved up a large house deposit or have built equity in your home then it is unlikely that negative equity will affect you for the time being, but you should keep your eye on house prices incase they continue to drop any further.
what does negative equity mean?
Those who need to worry the most about negative equity are homeowners who bought their house when house prices were at their highest and with a high loan-to-value (LTV) mortgage. These homeowners are more susceptible to negative equity as it is likely that their home is worth less than the original amount borrowed.
Am I in Negative Equity?
You will be in negative equity if the current value of your home is less than the amount that you have outstanding on your mortgage, so you need to find out both of these figures.
You can find out the amount outstanding on your mortgage by looking at your most recent mortgage statement or contact your mortgage lender who will be able to tell you the current balance.
Depending on how accurately you want to know the value of your home, there are a couple of options. You could ask an estate agent for a valuation of your home or you could look to see how much similar properties have recently sold for in your area.
I am in Negative Equity, Should I be Worried? - Being in negative equity does not mean that you have to panic at all. As long as you are keeping up to date with your mortgage payments and you are not looking to sell your home in the near future, then being in negative equity is not something you should worry too much about.
I am in Negative Equity, what should I do about repayments? – If you can afford your payments then the general advice is to hold out until the property market begins to rise again, as historical data suggests that house prices are subject to inflation over time. You may even consider making additional payments to your mortgage so you can build up the equity a little quicker, but check your terms and conditions and speak to your mortgage lender before you begin to make overpayments.
However, if you are struggling with your mortgage payments and find that you are in mortgage arrears, it is important that you get in contact with your mortgage lender and explain the current situation. You may be able to get a plan in place which makes your payments more affordable.
I am in Negative Equity and want to sell my home. – If you are in negative equity and want to sell your home then it is your responsibility to make up for the shortfall between the amount left on your mortgage and the amount that your home sells for. You should be aware that if you are in negative equity, you may have to seek permission from the mortgage lender if it is likely that you are going to get less than the mortgage debt. Contact your lender first for further information.
Posted by repossession on June 2, 2009 under Negative Equity |
Negative equity will affect 2.5 million homeowners this year, according to reports by the Financial Services Authority (FSA). Negative equity means that the value of a home drops so dramatically that it is worth less than the mortgage which is owed.
The FSA believe that one in four homeowners will drop into negative equity as mortgage lending has recently dropped to an eight year low, and increased living costs mean that many homeowners fear repossession. Their report states: ‘It is estimated over 2m residential mortgage holders and 500,000 buy-to-let holders would be in negative equity.’
Posted by repossession on May 26, 2009 under Repossession |
Pre-action repossession rules, or pre-action protocol, were introduced in late 2008. All repossession claims started after this time are subject to these pre-action repossession rules.
What is the Purpose of Pre-Action Repossession Rules?
The purpose of the introduction the pre-action repossession rules are to set out what is expected of both the borrower and mortgage lender before the repossession process can begin. It is designed to encourage more dialogue between mortgage lenders and borrowers with the view that a fair agreement can be put into place so that the repossession process can be averted.
These rules mean that repossession should always be a last resort and that ways of paying off and reducing mortgage arrears should be explored before the case comes to court.
What is Expected of the Borrower Under Pre-Action Repossession Rules?
Pre-Action Repossession rules means that the borrower should be kept up to date with appropriate information about their mortgage arrears. The borrower should know the amount of mortgage arrears which has been acquired as well as any interest or penalty fees which will be added to the debt. The pre-action repossession rules mean that both sides should make a reasonable effort to discuss the mortgage arrears as well as any proposals about how they could be repaid.
What is Expected of the Lender Under Pre-Action Repossession Rules?
Under Pre-Action Repossession rules, the mortgage lender should consider any reasonable request to change the payment date, terms of the mortgage agreement and future payment proposals. If refused, they should offer the borrower written confirmation of this.
Both the mortgage lender and the borrower should be prepared to tell the courts how they complied with these pre-action repossession rules, if the repossession process ever goes further.
The Pre-Action Repossession rules go into much further detail about what is expected of both the mortgage lender and borrower. This page is only a guide of the rules and you should always seek professional information about your mortgage arrears and any forthcoming repossession hearings.
Posted by repossession on May 22, 2009 under Repossession Help |
Being unable to pay your mortgage is a scary thought, and you may fear that you will be faced with the threat of repossession because you have missed mortgage payment. Do you need repossession help? Falling into mortgage arrears is a very financially dangerous time as your mortgage lender could start repossession action against you.
If you need repossession help because you have fallen behind in your mortgage payments, you need to be aware that you won’t automatically be repossessed after missing one payment, but it is vital that you take action straight away.
Repossession Help from your Mortgage Lender
It is essential that you keep an open communication with your mortgage lender. They should be more than willing to listen to your financial problems and you might both be able to agree to a plan whereby you can repay your mortgage arrears.
There could be various avenues which are open to you, such as a short-term reduction in monthly payments or switching to an interest only deal. Your mortgage lender will be best placed to advise you as to what options you have.
Repossession Help through Debt Management
You may find that you need repossession help simply because you have too many outgoings. Juggling unsecured loans, store cards and credit cards along with your mortgage can often be very stressful.
The UK Repossession Helpline could help you lower your monthly payments to your unsecured debts through a debt management plan. This should leave you with enough money to ensure that you can afford your mortgage.
We Can Offer You Repossession Help
As well as being able to offer debt management plans to clients who are struggling with their unsecured debts, we could also offer you repossession help by stopping your repossession.
You don’t have to lose your home to repossession nor should you have to sell it. Contact the UK Repossession Helpline today to see how we can offer you expert repossession help – 0800 048 1779.
Posted by repossession on May 18, 2009 under Debt Management |
The number of repossessions is on the rise, the Council of Mortgage Lenders (CML) predict that the number of repossessions will rise to 75,000 this year, which is extremely close to the highest peak last seen during Britain’s 1991 recession, where there were 75,500 house repossessions.
Homeowners may start missing payments to their mortgage because they are struggling to juggle large amount of unsecured debts, coupled with rising living costs and utility bills. Sometimes making repayments to unsecured debts means that homeowners cannot afford their mortgage, which is where debt management can help you to avoid repossession.
Debt Management Could Help You Avoid Repossession
The UK Repossession Helpline could help you avoid repossession with debt management. A Debt Management Plan will allow you to make reduced payments to your unsecured creditors, based on a payment which you can realistically afford.
As you are making lower payment to your unsecured debt, you should find that you have more money available to repay your secured debts. This means that you can avoid repossession by arranging to repay your mortgage arrears with these additional funds.
Although making reduced payment to your debt, through debt management, means it will take longer for you to repay your unsecured debt, you could benefit from your unsecured payments being more affordable to you so you shouldn’t have to worry about the risk of repossession, as you should be able to afford your mortgage payments now that your unsecured debts are more affordable.
A Debt Management Plan is not the only way in which we can help you with your debts. The UK Repossession Helpline have a team of expert repossession advisors could get your repossession stopped without the need to sell your home. Call us free today for further help about how to avoid repossession with debt management – 0800 048 1779.
Posted by repossession on April 3, 2009 under Mortgage Arrears |
Pre-action Protocol are steps which your mortgage lender should follow before starting the repossession process, and have been in place since 19 November 2008. The pre-action protocol is there to protect you, and if your mortgage lender does not follow the protocol then you may ask for your repossession case to be adjourned, should it go to Court.
If you feel as though your lender is taking you to court over your mortgage arrears but has not followed the following protocol, then please get in touch with the UKRepossessionHelpline and see how we can stop your home from being repossessed.
What Steps Should my Lender take as part of Pre-action Protocol?
Before taking further steps in the repossession process, your mortgage lender should:
- Provide you with information about your total amount of mortgage arrears, and discuss with you the reason for your arrears, whether your situation is temporary and if your financial circumstances have changed. Your mortgage lender should also discuss your proposals for repayments of the mortgage arrears, and give you written notice if they reject your offer of repayment.
- Ensure that you understand the outstanding balance of your mortgage as well as any interest or charges which you need to pay.
- Consider any requests to make changes to your payment date or how you pay.
- Advice you who else you can contact for advice.
- Your mortgage lender should communicate with you in a way which is clear and easy to understand.
If you do not keep to the agreement which is set up so that you can repay your mortgage arrears, then your lender should give you 15 workings days notice before starting a claim for possession. Even if you are at this stage it is not too late to get help, we can still help get your repossession stopped.
Posted by repossession on April 1, 2009 under Mortgage Arrears |
Mortgage lenders are expected to take certain steps to help their borrowers when they are struggling with their mortgage payments and have fallen into arrears.
This has been the case since 19 November 2008, due to the pre-action protocol which has been drawn up by the Civil Justice Council, with an aim to encourage mortgage lenders to take certain steps before resorting to repossession. If the repossession case goes to Court, the Judge would check to see if the mortgage lender has followed these steps. Your mortgage lender should:
- Provide you with information about your total amount of mortgage arrears, the outstanding mortgage balance and details of interest and charges.
- Discuss with you why you have mortgage arrears, such as whether your situation will be temporary or permanent and if there have been changes to your financial situation.
- Recommend who you should contact for advice.
- Consider requests to change the payment due date or method of payment.
- Discuss any payment plan which you bring forward which shows how you will make payments to your mortgage arrears. They should have 10 days with which to reply, with reasons, if your request is not accepted, and allow you time to consider any proposals which they may offer.
- Give you 15 working days notice, in writing, if they intend to issue a claim for possession.
Posted by repossession on March 30, 2009 under Mortgage Arrears |
One way which many mortgage lenders are helping people deal with mortgage arrears, are by being more flexible the time it takes from the number of missed mortgage payments to the repossession process going ahead.
Six of the main banks, including Royal Bank of Scotland, NatWest and Northern Rock, have all agreed to delay the repossession process until the borrower has at least six months of mortgage arrears. This should allow the borrower additional time to sort out their mortgage arrears without the impending threat of repossession.
However, this time frame makes no difference if you cannot afford your mortgage. There may be ways to make your unsecured debt more affordable to you so that you have additional funds to make your mortgage payments and pay back your mortgage arrears. The UKRepossessionHelpline is here to help at any stage of the repossession process, contact us now for free advice.
Posted by repossession on March 27, 2009 under Government Repossession Help, Mortgage Arrears |
Under a new scheme backed by the Government, known as the Homeowner Mortgage Support Scheme, eligible homeowners who are struggling with their mortgage payments will be able to defer paying interest on their mortgage so that they can afford to make repayments.
This scheme has not yet been fully implemented, but the Government hope that it will mainly help those who are struggling to due a temporary loss of income and allow them to avoid repossession. To be eligible for this scheme, which should allow you mortgage arrears help, homeowners must:
- Have a mortgage of up to £400,000
- Have open-communication with their mortgage lender and be making payments
- Not be benefiting from any other government-funded schemes, such as ISMI
- Have less than £16,000 of savings.
Once your income has returned to a normal level, you will go back to paying the interest on your mortgage. The unpaid interest over the deferral period will be added to your mortgage, so this will eventually need to be repaid.
Commenting about the scheme, Housing Minister Margaret Beckett said: “This scheme will give households the breathing space to get back on their feet again and help ensure they do not face or fear repossession… We want to see all lenders signing up to this scheme as part of their efforts to ensure that repossession is always an absolute last resort.”
Eight of the biggest mortgage lenders have signed up to this scheme, which will cover 70% of the mortgage market. Those who have agreed to the Homeowner Mortgage Support Scheme include HBOS, Nationwide, Abbey, Lloyds TSB, Northern Rock, Barclays, Royal Bank of Scotland and HSBC.
Posted by repossession on March 26, 2009 under Government Repossession Help |
One in three Brits worry that their home could be lost through repossession, and approximately three-quarters believe that the Government could offer higher levels of repossession help to struggling homeowners.
Consumer group Which? also report that almost half of us (43%) would fall into mortgage arrears if the main household earner was to lose their job, and 60% fear that either they or their partner could be made redundant due to the current economic climate.
In light of these nationwide repossession fears , Which? has called for the Government to force all mortgage lenders to join the Government-led Mortgage Rescue Scheme which allows struggling homeowners to defer their mortgage interest for two years.
Which? personal finance campaigner Doug Taylor commented: “With people spending sleepless nights worrying about job losses and repossessions, the industry needs to demonstrate that it wants to win back the trust of the British public by fully embracing Government initiatives.”
Posted by repossession on March 25, 2009 under Mortgage Arrears |
Mortgage arrears means that you have missed one or more of your scheduled mortgage payments. Being in arrears with any loan secured against your home means that you are at risk of repossession, therefore it is essential that you get mortgage arrears help as soon as possible so your situation does not get any worse.
If you are struggling with your mortgage or find it a struggle to pay back mortgage arrears, please give UKRepossessionHelpline.org a call, our advisors can help you at any point of the repossession process.
Getting Mortgage Arrears Help
It is essential that you contact your mortgage lender as soon as you start missing payments to your mortgage. If it is your first time of falling into mortgage arrears, then you may find that you lender is very open to negotiation about how you will pay these back.
No matter what, do not make payment to your unsecured creditors over your mortgage lender. The creditor which shouts the loudest does not mean that they should be the first to be paid. Paying your mortgage first means that you can keep a roof over your head! We can help if you are having problems paying your unsecured debt, we can make the debt much more affordable to you.
This is known as a debt management plan and allows you to make a single monthly payment to your unsecured creditors. We will make sure that this payment is affordable to you to ensure that you can afford your mortgage payment and not have to risk repossession.
Posted by repossession on March 23, 2009 under Repossession |
The number of repossessions are on the rise, and the Council of Mortgage Lenders (CML) expect to see an increase in the number of people struggling with mortgage arrears and are facing repossession in 2009.
If your mortgage lender has started the repossession process against you, you are worried about future mortgage payments or you have mortgage arrears, there is help out there. The UKRepossessionHelpline.org could help you to avoid repossession without the need to sell your home. For further information and advice, please contact our team directly using the Quick Enquiry box.
See below for some simple tips which could help you avoid repossession:
3 Ways to Avoid Repossession
- Understand Your Debts – It is important that you understand how much debt you have, and you may be surprised by the answer.Make a list of all your debts, including any secured or unsecured debts you may have, such as mortgage payments, secured loans, credit cards, store cards and overdrafts. Work out the interest rate of each of these and prioritise your debts so you can get it paid off as quickly as possible.
- Talk to your Mortgage Lender – As soon as you miss a payment to your mortgage or feel as though you may struggle to make your next payment, it is essential that you talk to your mortgage lender so you can explain the situation.Don’t bury your head in the sand and pretend that it is not happening, it is important to keep an open communication with your mortgage lender if you want to stop the repossession process. They may be able to help you by offering you a mortgage holiday or even extend the life of the mortgage.
- Get Repossession Help – It is not easy struggling with any type of debts and the fear of repossession could take over your entire life. But before you decide that your home is doomed to repossession, give the UKRepossessionHelpline.org a call.
No matter at what stage of the repossession process you are at, it is possible to get a repossession order stopped. The sooner you get in contact with our specialist repossession team, then the longer we have to deal with your case and get your mortgage lender to stop repossession proceedings.
For further advice about how to avoid repossession, call today.
