The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
Irish IndependentOver-50s finance: It's time to learn your... AVCsIrish IndependentUsing the example of a client, €36,000-worth of savings to an AVC fund (€500 per month) was invested over a 72-month period between 2009 and 2015 in a mixture of Standard Life GARS funds, a UK fund that invests in small firms, corporate bonds and an ...
Autumn Statement 2015: Tax changes in the pipelineBBC NewsIf your house or flat has always been your personal private residence (PPR), there is no tax to pay when you sell it. If you have a ... Those aged 55 and over are now allowed to take money out of their pension savings on a fully flexible basis. However ...and more »
This is MoneyALEX BRUMMER: The regional revolution that will allow Northern Ireland to ...This is MoneyIt is hard not to believe there are bankers and finance directors who must be rubbing their hands at the thought of transactions which allow them to remain domiciled in the UK but reduce corporation tax liabilities by shifting to Belfast. Similarly, it ...
WCVB BostonAutumn Statement 2015 almost trebles stamp duty bill on a £275k buy-to-letThis is MoneyBy Lee Boyce for ... 'This extra stamp duty raises almost a billion pounds by 2021 – and we'll reinvest some of that money in local communities in London and places like Cornwall which are being priced out of home ownership.' ... that ...Britain hikes taxes on investors to cool housing marketWCVB BostonNew London Help to Buy mortgage scheme Statement: Buy-to-let homes face higher stamp dutyBBC -AOL Money UKall 1,498 news articles » the analysts sayFinancial TimesNow City analysts and personal finance experts are having their say on what the chancellor's speech on Wednesday means for savers, investors, business people and pensioners. One of the Mr Osborne's first announcements was on rises to ... For UK savers ...Autumn Statement 2015: What it means for youBBC NewsAutumn Statement 2015: George Osborne's wooing of the grey vote masks a ...International Business Times UKAutumn Statement 2015: what it could mean for your Lansdown -Money Observerall 1,396 news articles »
Have you met...
Latest Members:


Sloane Beck




Kathryn Moore




Email this story to a friend:

Facing Repossession?

Are you facing the prospect of being homeless? You and 144,999 other households by the end of the recession if figures from the Centre for Policy Studies turn out to be accurate.14-05-2009
It also calculates that another 245,000 households could have repossession orders against them by then even if they’re still living in their homes.

If your lender insists on repossessing your home it will have get a court order. It can’t just walk in, turn you out and change the locks.

So how does it all work? A mortgage is a loan secured against the home it’s used to buy. When you took out your mortgage you agreed to repay your loan, and interest on it, or interest only, in monthly instalments over a certain number of years. If you can’t make those payments - because someone loses a job, gets ill or pregnant, or there’s a divorce or separation - the lender has the right to ask a court to allow it to take possession of the property and sell it to recoup its money.

The government wants lenders to repossess properties only as a last resort. It has also come up with the Homeowner Mortgage Support Scheme where lenders and borrowers come to an agreement that allows the borrower to defer interest payments on their mortgages for up to two years. So if you’re in arrears and facing the threat of repossession you must talk to the lender and try to come to an agreement.

Don’t wait.

Work out exactly what you have coming into the household and look for ways to increase that income while you’re out of work.

Check whether you’re entitled to any job seeker’s allowance or income support and help with the mortgage and council tax.  

Check whether you have a Mortgage Payment Protection Policy that may cover your mortgage ‘til you find another job.

Look at all your spending and find to reduce it.

To avoid repossession you need to persuade the lender to restructure your mortgage so that you have lower monthly repayments which you can afford. You may also need to pay a little off the arrears each month to clear the back log in reasonable time.  

If you aren’t successful in your negotiations with a lender ask the local Citizens Advice Bureau or the National Debt line (0808 808 400) for help.

If the lender does start court action will be up to the judge to decide what happens.  

If you have a date for a court hearing don’t miss it. Someone from the local CAB may be able to help you prepare.

Take all the details of your income, bills and spending with you. Work out how much you can afford to pay.  

The judge can decide in favour of the lender and grant the repossession order; can grant the repossession order but suspend it while you make agreed payments; can postpone a decision or adjourn the case while you and the lender go back to the negotiating table or grant you a ‘stay’ of execution - that is stop the repossession temporarily to allow you more time.

Don’t panic and hide letters from the lender behind the clock. Get help now and you may still be in your home come the end of the recession.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks