Posts Tagged ‘repossession’


Dealing with mortgage arrears

Thursday, April 22nd, 2010

Those of us that managed to buy our own homes may be counting our blessings for getting onto the property ladder before getting a mortgage became increasingly difficult, as it is now, but there are other problems that homeowners have to worry about, namely how to ensure that they keep on top of their mortgage repayments.

Whilst it’s all well and good to have your own home, your property could disappear in a puff of smoke it you fall behind with repayments and already many people have lost their homes over the past couple of years because they have been unable to keep on top of repayments on their mortgage.

Over the past year things have been very difficult for many homeowners in the UK, with many suffering as a result of the recession, which resulted in massive job losses. The added pressure of the credit crunch added to the financial problems that many homeowners were experiencing, and regrettably many were unable to keep up with their repayments.

With banks clamping down more seriously than ever on mortgage arrears many quickly found themselves losing their homes, which were swiftly repossessed by the banks who were desperate to shore up their own finances by selling them as quickly as they could.

Whilst the situation as eased off a little now, partly due to pressure from the government to use repossession only as a very last resort, there are still many people who may be finding it difficult to make their mortgage repayments and could end up losing their homes eventually unless steps are taken to rectify the problems.

Industry experts are warning those that do experience difficulties in making mortgage repayments not to bury their heads in the sand and hope that the problem will go away. Instead, homeowners that are in financial trouble need to get advice as quickly as possible in order to try and sort the problem out before it gets to the repossession stage.

One option for homeowners is to speak to their bank or lender about their situation, being honest about finances and making suggestions about how they might be able to sort things out. Most lenders will be sympathetic about homeowners’ situations as long as they are made aware of the problem.

For those that do not get any joy from their lender there are also a number of debt advice charities that can help, such as the Consumer Credit Counselling Service or the Citizen’s Advice Bureau.


13 percent drop in UK repossessions

Saturday, March 6th, 2010

Recently released figures have shown that in the final three months of last the number of properties in the UK falling into repossession fell significantly, as did the levels of mortgage arrears in the UK. (more…)


FSA proposes new rules for those in mortgage arrears

Thursday, February 18th, 2010

Over the past couple of years, with the credit crunch, recession, and pay freezes affecting so many households, a rising number of homeowners have fallen behind with repayments on their mortgages, and for many this has resulted in the loss of their homes through repossession. (more…)


Keeping Your Mortgage Payments Up to Date

Friday, June 12th, 2009

With interest rates starting to rise, many homeowners have gotten used to low monthly payments on their mortgage. (more…)


Are you facing repossession?

Monday, December 15th, 2008

If you are in danger of facing repossession at the moment then you are not alone, as there has been a sharp increase in the level of repossessions of late, with more and more homeowners losing their homes. In fact, figures have recently been released that show the level of repossessions for the third quarter of the year up to end of September increased by around 12 percent, to around 11,300. The figures have been released by the Council of Mortgage Lenders. (more…)


Repossession levels soar

Wednesday, November 19th, 2008

Recently released figures have shown that repossession levels have soared recently, and that in the months to come the number of repossessions compared to last year could rise even further. Figures from the Financial Services Authority have indicated that repossession levels increased by around 71% between April and June of this year compared to the same period last year, and during this period around one hundred and twenty homeowners per day were being evicted. (more…)