If you find yourself in a tricky spot financially and can’t pay your mortgage, your lender could issue you with a repossession notice. It can be a scary prospect, but all is not lost, and you as a homeowner have some very viable options to avoid repossession.

Remember that lenders make money out of mortgages, so they want you to be able to keep up your payments and they certainly don’t want to kick anyone out their home.

How to Stop Repossession

The most important things you can do to stop repossession of your home before it happens are:

  • Keep talking to your lender and let them know of any changes in circumstances
  • Look at your finances and try to take steps to improve your situation
  • Work out a repayment plan with your mortgage provider
  • Speak to an expert who can help you and give free advice

Keeping in regular contact with your lender is the best way to show them that you are committed to paying off your payments.

See if you can come to an agreement that allows you to resume payments instead of repossessing your home, even if it is not the full amount.



What To Do If You Can’t Pay Your Mortgage

If all else fails and you simply cannot pay any amount to your lender, you still have a few options left.

Remember that your mortgage provider wants you to keep up your regular payments, so you should always endeavour to work out a solution with them first.

If that fails, there are a few things you can do.

sell houseConsider Selling Your Home

If the bank takes control of your house, they will sell it for much less than what it is worth, because they want to avoid the hassle of a long and drawn-out selling process.

If you sell it yourself before repossession, you will almost always get a higher price for it than the bank will.

Also, remember that the bank will still charge you selling costs and mortgage payments up until the point where the house is sold.

mortgageGet a Fast House Sale With Us

Selling your home quickly with us will allow you to clear your mortgage and any arrears you owe.

We can also give you a bit of breathing space, as it will give you some extra time so that you can sort out your personal arrangements.

In many cases, people have some additional money left over, which they can then put towards the costs of renting or a new mortgage.

Most importantly, with us, there are no selling costs and no legal fees, which means that you don’t pay a penny throughout the entire process.


Get a Valuation For Your Home

Start the process of selling your home today by getting a free initial valuation for your home.

If you think our initial valuation is reasonable, we will professionally survey your property to ascertain its true value, and make a final offer to you.

If you let your lender know that you are in the process of selling your home, they should then delay the repossession process.