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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
Breeze Finance are a financial management solution provider who can provide help with debt and finance in the following ways, UK Debt management, UK consolidation, uk consolidation loans, uk home improvement loans, uk any purpose loans UK Individual Voluntary Arrangements otherwise known as IVA’s, Trust Deed, UK Bankruptcy, Scottish Sequestration, UK Repossession, UK County Court Judgements CCJ, uk early settlement figures and UK debt counselling. We can provide uk financial help to anyone in financial difficulty or adverse credit in the uk. Breeze Finance recommends clients check their UK credit rating with Experian or Equifax Experian before applying for further UK finance.
Our site provides you with a uk consolidation calculator, a UK loan calculator a UK credit card calculator and a UK budgeting calculator all free to use before you apply for help with your uk debts
We can also refer your details to a third party who may be able to provide you with re-mortgage.
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