When facing potential property repossession, act promptly to protect your interests. Here’s what to do in the UK:
- Stay Calm and Communicate: Avoid ignoring the issue. Contact your mortgage lender to discuss your financial difficulties and explore solutions.
- Understand Your Rights: Familiarise yourself with repossession laws. Seek advice from a solicitor or housing charity for guidance.
- Review Mortgage Terms: Identify negotiation opportunities in the mortgage agreement, especially related to missed payments and arrears.
- Seek Financial Advice: Consult a financial advisor to review your situation, get budgeting guidance, and explore options like remortgaging.
- Negotiate with the Lender: Engage in open negotiations, explaining your financial situation and proposing a realistic plan to avoid repossession.
- Consider Government Schemes: Check if you qualify for support schemes like Support for Mortgage Interest (SMI) or Mortgage Rescue.
- Attend Court Hearings: If legal proceedings are initiated, attend hearings with a detailed financial statement to present your case.
- Stay in the Property: If repossession proceeds, stay until eviction. Use the time to find suitable alternatives.
- Explore Selling Voluntarily: If affordability is an issue, consider selling the property voluntarily to retain control and avoid additional costs.
- Seek Assistance from Charities: Reach out to housing charities like Shelter or Citizens Advice for free guidance and support.
Remember, each case is unique. Act quickly, seek professional advice, and protect your home and financial well-being.