If you see your budget leaking like a sieve so that you find it impossible to make your regular mortgage payments, you shouldn’t bury your head in the sand and give your house to your loan provider. It normally takes about nine months between your first miss of repayment and losing your home. First of all, you should speak to your lender about the situation you are confronted with. In most cases loan providers are ready to help you find the way to keep your home. Lenders are interested in your repayments and they don’t want to start the repossession process against you. They usually consider changing or prolonging the term of your loan, receiving only partial repayments from you within a relatively brief time, or adding your current debt to the general amount you have been given. In case you fail to reach an agreement with your loan provider or can’t pay in any way, consult a housing advisor before going to court. However, seek free advisors not to accumulate more debt. Check whether you are eligible for any benefits. Support for Mortgage Interest (SMI) may help you retain your property. It allows those who are at risk of losing their homes to postpone interest payments for two years in case they become unemployed. However, if more than one person is responsible for the mortgage, you will not qualify for this insurance coverage. It is also unavailable to self-workers and contractors. Another option is the Mortgage Rescue Scheme, introduced for the most vulnerable population groups. It generally suggests shared equity or changing a mortgage to a rental agreement.

Furthermore, you are not recommended to borrow more money because this will only aggravate your situation.

If nothing helps, you may be forced to sell your house quickly to release the money for repaying your lender before being evicted. Interested only in breakeven, the bank will sell your house for far less than its actual value in case of repossession, which is why it makes sense to sell your house for its market price when it’s not too late. Since estate agents won’t help you (it would take too much time), you have to find a very reliable cash buyer who would buy your house straight away, so that you don’t have to go through numerous procedures. Then, there is the option of selling and renting back your house. Even though it may seem rather attractive at first glance, we would discourage you from them. Not only will you be offered less than the actual value of your house but also you might be turfed out of your house if the company you have sold your home to goes bankrupt and can’t repay your debt.

If you don’t want to sell your house, your last attempt to avoid repossession is making an appeal. Note that you have the right to appeal only if you are able to prove that the judge was mistaken about your case.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.