The Repossession Process
Whether you have just received a letter from your mortgage lender or you are already preparing for a possession hearing, or have an imminent eviction date, our team of experts are on hand to advise and guide you through any stage of the repossession process. Find out more about each step by clicking on the links below.
The Financial Conduct Authority (FCA) regulates what steps your Lender must take before starting the repossession process and states that repossession must be a last resort. If you are dissatisfied with the administration you can complain to the Financial Ombudsman Service (FOS).
However the courts overrule both the FCA and FOS and take a much more ‘no nonsense’ approach. It will typically benefit your lender to start the court process early and get a possession order. Once awarded it is very difficult to remove and your case will always be with the court, who have neither the time or the inclination to hear your complaints or worry about what our lender was supposed to have done previously. They will quite simply base your case on the contractual law.
How to Respond to the Threat of Home Repossession
You are likely to be under threat of repossession if you’re in mortgage arrears and cannot afford to pay your monthly repayments. Whilst the repossession process is supposed to be used as a last resort, it is important to take the paperwork seriously and act as soon as possible in order to avoid repossession.
Actions You Can Take to Avoid Home Repossession
- Talk to Your Lender
A lot of repossessions are started because of a lack of communication. Letters to your lender are often ignored, pick up the phone. If you are nervous, call us first and we can help. You may be able to change the type of mortgage you have or reduce your payments. If such a change will allow you to keep up with repayments, your lender may consider it.
- Check If You Are Eligible for Financial Help
You should look into any free mortgage-rescue services that you could potentially qualify for. Equally, you should check if you are eligible to claim any kind of benefits due to your situation. Support for Mortgage Interest can take a long time to kick in, but your lender may wait. If you are eligible, you should inform your mortgage lender as they should not start any possession action in such circumstances.
- Pay What You Can Towards Your Mortgage Arrears
You cannot simply say to your lender ‘This is all I can afford’ you will make their case against you stronger. Your position and payments need to be structured, and we can help you achieve just that. However, keeping your arrears to a minimum, no matter how small the payments, will make your situation easier to recover from in the longer term.
If you have received a notice of hearing your lender has begun the repossession process. If you have been to court previously, even up to 10 years ago, your lender likely already has a possession order against you. In either case, get in touch today.
Borrowing more money from somewhere else is rarely the answer; discuss your alternatives with us. Our experienced team will guide you through all workable options and offer expert advice to help stop repossession.
For free specialist advice or help stopping the repossession of your home, call us immediately on 0800 640 8625.