If you’re struggling to afford your mortgage payments, getting in touch with us straight away means we can work together to find a solution. We would always rather avoid having to take legal action because of missed payments. However, it’s important for you to understand what could happen if you ignore the situation.
We’ll try and make contact with you
Firstly, if you miss payments and don’t contact us, we’ll write to you and call you to see if we can talk about your situation. We’ll need to charge you for our costs, and we’ll report the missed payments to Credit Reference Agencies — which could affect your future credit applications.
After 3-4 months
If we haven’t been able to talk to you and find a solution by this time, we’ll consider taking legal action. We might also visit your home to try and make contact. We’ll charge you for this.
Our solicitors will begin applying for a court order, which can give us the right to take possession of your property to pay back the loan. They’ll contact you to tell you what action’s being taken, and give you options to get in touch with us or them.
Our solicitor charges could add significant extra fees to your balance. So it’s always better to avoid this and speak to us as soon as you can.
If the court gives us permission to take possession of your property, we will instruct our agents to put it up for sale at the best price they think it could reach. Once it’s sold and agent fees have been paid, the remainder of the money will go back to you. However, if the sale price isn’t enough to pay off your loan, we’ll contact you to find out how you’ll repay the shortfall.
Remember: it’s never too late to contact us
It’s important to bear in mind that although this might all sound very distressing, you can get in touch with us at any time through the process to try and work something out with us. Repossessing your property is always our last resort and we’ll always try to avoid doing this if we can.