Each lender will tackle the expiry of a mortgage differently, and a lot depends on how you have managed your account. By the time they contact us, most homeowners have already been refused an extension of their mortgage term by their lender. Importantly, there is no standard policy on mortgage extensions and lenders are well within their rights to refuse one. The FCA state:
“We recognise that customers are responsible for repaying their mortgages, repayment of the capital at the end of term is a contractual requirement, and that firms are not obliged to offer options at maturity.”
That said, lenders are told to treat repossession as a last resort. They first need to explore all other possible options. HMS can assess the structure of your mortgage and identify what your options are moving forward. From here, we will devise a tailored strategy that aims to keep you in your home.
A lot of homeowners do not contact us until the lender has taken eviction action. We have the knowledge and power to stop the eviction, but we cannot help you unless you call us.