With the number of homes being repossessed rapidly increasing it is important to priortise mortgage payments however do not take on further credit to deal with payments.
Keeping in contact with your mortgage lender is important to see if you can come to some sort of agreement.
The best lenders will do what they can to help people stay in their home through temporary difficulities.
Firms must deal fairly with a customer in arrears. They must have a procedure to make reasonable efforts to reach an agreement over a method of repaying the shortfall with the aim of avoiding repossession.
If you are unhappy with the way your lender deals with your case you can complain. Find out about your lenders complaint procedure.
If this doesnt work you can complain to the Financial Ombudsman Service 0845 080 1800
Another option to avoid repossession is to sell and rent back
where you can remain in your home and save your credit rating. This can be done on a short or long term basis and also with a further option to but back at a later stage.
