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Thank you for the help with my mortgage arrears, the plan you
negotiated has given me the time I needed to get myself straight
Sophie Cained
The numbers of repossessions and cases of mortgage arrears both
rose in the first half of this year, but both remain at extremely low
levels by historical standards, according to new results published today
by the Council of Mortgage Lenders.
The number of properties taken into possession rose from 3,070 in the
second half of last year (the lowest figure on record) to 4,640 in the
first half of this year (similar to the half-yearly levels of 2002 and
2003). The number in the first half of last year was 3,160. Repossession
occurred in 0.04% of all mortgages, compared to 0.03% last year. Put
another way, the half-yearly repossession rate was around 1 in 2,500
mortgages, compared with around 1 in 250 when repossession rates peaked
in the second half of 1991.
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Mortgage Arrears
Keeping up with your mortgage payments should be your top financial
priority. If you are evicted because of payment problems (repossession),
you could become homeless. This doesn't happen automatically, but the
longer you delay, the more difficult it will become to control your
arrears and avoid long-term debts. If you have already been threatened
with repossession, get advice immediately.
Act quickly
If you fall behind on your mortgage payments, you need to take action
straight away. In some cases, the problem can be solved if you act
quickly. Don't wait until the debt becomes unmanageable. Many lenders
charge penalty fees if you miss payments. The sooner you deal with the
situation the more options you have, and the less chance that you will
lose your home.
Negotiate with your lender
If you have difficulty paying your mortgage (or think that you will
have, for example because you have lost your job) it's important that to
talk to your lender as soon as possible. Don't be put off because you
think your situation is hopeless. There is often a solution. If you
haven't yet decided what to do about the problem, explain to your lender
that you are going to get specialist advice about your options.
Most lenders will expect you to come up with your own plans for paying
off your mortgage, rather than making suggestions as to what you should
do. You need to show that you will be able to pay of any arrears you
have and keep up with future payments until your mortgage is completely
paid off. If you haven't worked out your options yet, it's still
important to speak to your lender as soon as possible, to let them know
that you are taking action to put things right.
You can either write to your lender or make an appointment to discuss
your situation in person. You will need to:
produce a detailed statement of your income, spending and debts
explain any plans you have to increase your income or reduce your
spending
explain what changes you would like to make to the mortgage and how the
new arrangements will affect the future payments
Your lender will consider your proposal and decide whether to accept it.
You may have to negotiate further. If you switch to a different
mortgage, particularly if it is with a different lender, you may have to
pay a redemption penalty. It may be possible to add any fees or
redemption penalties to the your mortgage and pay them off over the rest
of your mortgage term.
Get advice
Negotiating with your lender can be complicated, especially if you
are not sure what options are available. There are a lot of options for
lenders but they can sometimes be reluctant to use them. You may want to
get independent advice before you decide what to do. Complete the
form on the right or Call Free On 0800 083 1750
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