Court proceedings are always a last resort and lenders will be forthcoming in assisting you if you are in financial difficulties.
Contacting Your Lender
One of the first steps you should take is to speak to your lender without delay. It is in both parties’ best interests to try and find a solution to your problem, and your lender will be sympathetic and forthcoming in offering as much assistance as they can.
It can be easy to try bury your head in the sand, but your lender will have facilities to assist you. If the mortgage has become unaffordable, it may be possible to explore one of a number of options to improve the situation.
These options can include:
- Reducing mortgage repayments by, for example, lengthening the term of your loan
- Considering a temporary interest-only product conversion or concessionary period
- Adding arrears to the mortgage account instead of seeking immediate repayment (known as ‘capitalising’ the arrears)
- Accepting reduced payments for a temporary period
- Changing your method or dates of payment
- ‘Assisted Voluntary Sale’ schemes
The earlier you make contact with your lender, the sooner the problem can be addressed. All our clients have assistance pages on their websites. These are extremely useful.View less