What happens if I can't keep up with my mortgage repayments?

If you are going to get behind on your mortgage repayments, it is vital that you talk to your mortgage provider at once.

Perhaps you have gone through a break-up and are faced with the mortgage payments alone, or your repayments have risen due to higher interest rates or your other outgoings have increased. It may even be because you have had an accident or have fallen sick and your income has fallen as a result.

Either way, honesty is always the best policy and you need to contact your mortgage provider immediately and inform them of the situation. They will then work with you to reach an alternative arrangement or provide you with some leeway. You could be offered a range of options, from postponing the mortgage repayments for a while to temporarily paying a smaller amount. Just don't ignore the problem because it certainly won't go away.

When you first apply for your mortgage you will be warned that if you fall behind on repayments, there's a possibility you could lose your home. In the majority of cases, matters do not progress to that far because the mortgage lender will do their best to come to an arrangement with you. Mortgage companies see repossession as the last resort because the process from going to court through to repossession and auctioning of your house is highly complicated and involved. Nevertheless, if everything else fails that is what will happen.